Monero, among other cryptocurrencies, allows fast, convenient and inexpensive payments to and from people who are anywhere in the world. Basically, cryptocurrencies cannot be shut down since they are not restricted by capital controls which regulate the flow of currencies. This has resulted in a decrease in the use of traditional currencies.
Valuing a cryptocurrency is not as easy as you might think. Cryptocurrencies such as Monero are considered to have value because people need them for situations where traditional currencies are not applicable. If everyone stopped using a particular currency, it would automatically lose its value
The Value of Monero
Monero’s value is determined by forces of supply and demand. Monero has consistently increased in value. Currently, Monero is among the top 10 cryptocurrencies by market cap.
Monero has a unique technology and this has proven to be important to traders. The value has been increasing by the day with the most significant increase happening in August 2017 when Monero was added to Bithumb which is the world’s highest-volume cryptocurrency exchange.
XMR Monero is based on the CryptoNight POW hash algorithm which comes from the CryptoNote protocol. It is designed in such a way that it is resistant to ASIC mining.
Generally speaking, Monero is doing really good on Bittrex with the market moving in favor of the Monero blockchain. The price of Monero could move 30%-40%.in a single day. A couple of months ago, Monero broke out and went on to produce more than 10 times returns to investors. Recently though, Monero has been trading below its day moving averages. It has been trading within a down channel.
It would, therefore, be wise for traders and investors to closely monitor the shifts in the days to come before making any decisions. Recently there has been selling pressure and so there might be a resulting increase in price which will cause some price relief in the near future.
It is estimated that there will be a total of 18.4 million XMR in circulation.
Monero Price Prediction
Predicting the price of a cryptocurrency is hard. The price of XMR Monero just like that of other cryptocurrencies experiences significant volatility. You, therefore, expect some dramatic ups and downs. It may be possible for expert analysts to interpret the price fluctuations.
Monero’s price is a function of regulation, availability, and usability. The supply is ever increasing while the demand is unknown; the uncertainty can lead to speculation for Monero’s value in future which could compel more people to invest in an attempt to generate strong returns.
The value of monero is also dictated, in some way, by media attention.
Thanks to its nature in terms of bandwidth, storage, and mining, Monera is speculated to have a really bright future. Monero is a lucrative cryptocurrency and is worth investing in. It has seen an uptrend with prices shooting up significantly to achieve an unprecedented fifty fold growth. If you are looking to make an investment, I would advise that you act now and get Monero while it is still affordable.