Monero’s price at the same time last week was $165.69. It has moved by 2.46 % in the past week and is currently at $171.04. Infact, in the past 24 hours, XMR has pumped by 1.91 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and XMR could hit $287.23 in 2024.
The total circulating supply of Monero as of writing this article was $18147820.38 and the marketcap of XMR remains at $3,093,699,010
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Monero (XMR): An overview
Monero (XMR) is a private, decentralized cryptocurrency based on the open-source CryptoNote code. Focused on privacy and fungibility, it employs advanced cryptography to conceal user identities and transaction details. The primary objective of this cryptocurrency is to ensure transaction confidentiality while making transactions untraceable and secure.
By default, the identities of the sender, receiver, and transaction amount remain anonymous, enhancing the overall privacy of transactions. This makes Monero an appealing option for those who value privacy and security in the digital realm.
The network is highly scalable, with a new block generated approximately every two minutes. There is no set limit on the block size; however, a block reward incentive is in place to promote dynamic scalability and maintain the network's efficiency. Currently, there are 18.34 million XMR in circulation.
To ensure continued incentives for mining Monero and maintaining its security, the network established an infinite emission system. It consisted of two primary components:
- The initial main curve emission of approximately 18.132 million coins was completed by the end of May 2022.
- The tail curve emission of 0.6 XMR per two-minute block began once the main emission was finished. The tail emission is designed to result in less than 1% inflation, gradually decreasing over time.
How does Monero function?
Monero employs RandomX, a Proof-of-Work (POW) algorithm developed by members of the Monero community. The algorithm is specifically designed to be resistant to ASIC mining, as it can lead to the centralization and concentration of mining power in the hands of a few companies.
The algorithm is intended to render the use of mining-specific hardware impractical, as it allows mining through a CPU or GPU, leading to enhanced sustainability.
To increase transaction tracking difficulty and conceal the identities of both the sender and receiver, Monero uses three advanced cryptographic techniques:
Stealth addresses: These unique, one-time addresses are generated for each transaction, enabling users to send funds without revealing the recipient's identity or transaction details. Since stealth addresses are not linked to a specific user or public key, transactions remain untraceable and anonymous.
RingCT: This feature allows Monero users to conceal transaction amounts by using a cryptographic commitment scheme. The sender can prove the transaction's validity without disclosing the exact amount sent, ensuring user privacy while maintaining transaction integrity.
Ring signatures: These digital signatures allow a group of users who possess a private key to sign a transaction, making it difficult to determine who initiated it. With ring signatures, Monero users select a group of users to sign a transaction with them, hiding the sender's identity from external parties.
The blockchain undergoes scheduled hard forks every six months to enable consistent evolution. This provides ample time for users to update before being forked away from the network. Hard forks typically consist of various improvements, ranging from bug fixes and patches to changes in hashing algorithms and enhancements in functionality.
Monero's story began with the launch of the CryptoNote protocol in 2012, a technology designed to address the privacy and security concerns associated with Bitcoin (BTC). The white paper for the protocol was published by an anonymous author under the alias Nicolas van Saberhagen. The paper aimed to address a major flaw in Bitcoin — traceability.
Here is a timeline of Monero’s journey:
- In July 2012, Bytecoin, the first cryptocurrency based on the CryptoNote protocol, was launched. However, the project was short-lived as allegations surfaced that its supply had been tampered with by the developers.
- In April 2014, Bytecoin's codebase was forked to create BitMonero. Ricardo Spagni, aka Fluffypony, led a team of mostly pseudonymous developers responsible for the primary development of BitMonero. The community soon decided to shorten the name to "Monero."
- At its inception in 2014, Monero adopted the CryptoNight Proof-of-Work (PoW) algorithm, designed to ensure greater decentralization by being more resistant to ASIC mining. Ring signatures and stealth addresses were also introduced that year.
- In January 2017, Monero underwent its first hard fork, incorporating the Ring CT feature to further enhance its privacy. This solution was proposed by Bitcoin Core developer Greg Maxwell.
- In October 2018, Monero replaced the zero-knowledge range proofs that were previously used for its secure transactions with bulletproofs, a zero-knowledge proof method. Bulletproofs cut the size of its confidential transactions by at least 80%. This considerably improves transaction efficiency.
- In November 2019, the Monero team updated its PoW algorithm to RandomX.
- In December 2019, Riccardo Spagni stepped down from the project.
- In August 2022, another non-contentious hard fork was launched. It was completed at block 2,688,888. This led to an increase in Monero's ring size from 11 to 16. Additionally, the network update changed the "Bulletproofs'' algorithm to speed up transactions and reduce their size by around 5 to 7%. It also reduced wallet sync time by up to 40%.
Other key developments
Some of Monero's major upgrades/developments are:
- In April 2014, the network was upgraded, adjusting the minimum block size and introducing a dynamic fee algorithm.
- In August 2018, Kovri Alpha was released, which used I2P routing to entirely conceal the user's location while interacting with any cryptocurrency.
- In December 2018, Monero implemented the Monero Messaging System (MMS) to automate the exchange of multi-signature wallet information.
- In March 2019, the Forum Funding System (FFS) was replaced by the New Community Crowdfunding System (CCS).
- In July 2019, Monero introduced the blockchain pruning feature, allowing node operators to download and sync only 1/3 of the blockchain.
- In April 2020, the Dandelion++ protocol was implemented.
- In August 2021, the Atomic Swap implementation done by the COMIT team was made available for use on Monero's network. Atomic swaps are a way to exchange two cryptocurrencies without relying on a trusted third party.
- In October 2021, Monero introduced a peer-to-peer (P2P) XMR mining pool called P2Pool. The pool was developed from scratch by SChernykh.
- In April 2023, Monero 0.18.2.2 Fluorine Fermi was released. This added a size limit for tx_extra in the tx pool.
- In October 2023, Monero GUI 0.18.3.1 Fluorine Fermi was released, adding support for macOS ARM.
XMR Price Analysis
The weekly chart for XMR throughout the year from October 2022 to October 2023 presented a discernible tussle between buyers and sellers. Each side intermittently exhibited their dominance, leading to noticeable price fluctuations. By the time this analysis was drafted, the cryptocurrency had settled at a price of $156.5.
XMR weekly chart
A noteworthy observation was the asset's struggle to maintain momentum above the $159.6 mark. This inability played a crucial role in the drastic price drop observed in November, with XMR’s value plummeting to test its lowest support level at $126.
However, the tide began to turn as the month unfolded. The price started its northbound journey. This influx of buying pressure propelled the price past the $147.5 mark, breaching $159.6 in January.
The momentum seemed promising, especially when the coin challenged its peak resistance at $186.5. But as history has often shown in volatile markets, the ascent was followed by another descent. February saw the price retracing its steps, falling beneath the resistance of $159.6.
March and April turned out to be months of resilience for XMR. The coin made several attempts to break past the $159.6 resistance. Although it did surpass this level momentarily, it couldn't hold onto the gains. Despite the challenges, $147.5 proved to be a solid support.
The subsequent months were a roller-coaster ride for XMR, touching its lowest support again in June, followed by another bounce back, and then facing corrections thereafter. At the end of this analysis period, the price was once again trying to challenge the aforementioned resistance level.
Throughout the year, the trading volume of XMR displayed a remarkable consistency. No significant spikes or drastic drops were evident, which suggested that despite the price fluctuations, the overall market participation remained relatively constant.
In October 2022, the Chaikin Money Flow (CMF) for XMR rose above the zero line, a bullish sign indicating buyer optimism in the market. Remarkably, it retained its position above this line for the entire analysis period, ending with a value of 0.19. This consistency in the CMF indicated a persistent inflow of money into XMR, reflecting underlying buying interest.
Throughout the analysis period, the Relative Strength Index (RSI) for XMR exhibited some noteworthy movements. The RSI climbed above the neutral 50 mark in January, reaching a peak of 63.15 before retracting.
There were momentary climbs observed between March and April and again in June and August. These were again followed by subsequent dips. By October, it once again moved above the neutral line, with its value pegged at 52.81.
Should you consider buying XMR?
Considering the findings from the aforementioned indicators, the sentiment for XMR appeared cautiously optimistic. The consistent buying interest reflected in the CMF, combined with the RSI's movement above the neutral line, suggests underlying bullish momentum. However, it's essential to account for the price's struggles to break and maintain above certain resistance levels, especially $159.6.
For traders considering an entry into XMR, a buying range between $131 and $141 can likely be targeted. This range could offer a potentially favorable risk-to-reward ratio. Moreover, it situates the entry around established support levels, thereby providing a cushion against adverse price movements.
Monero Price Prediction
Monero has had an eventful 2021. To simplify the latest XMR price prediction, we have divided up the prediction by short term Monero price prediction and long term Monero price prediction. As of writing this article, XMR had a trading volume of 74,360,303. Monero has gone up by 1.07% in the past 30 days.
According to our analysis in the short term, Monero price prediction for February 2024 shows the average price of XMR at 244.94 and the highest possible price for February 2024 would be $262.09.
Further, according to our analysis in the long term, Monero price prediction for June 2024 shows the average price of XMR at 267.28 and the highest possible price for June 2024 would be $285.99.
Monero's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|6 December 2023||$171.72||$159.70||$183.74|
|7 December 2023||$172.98||$160.87||$185.09|
|8 December 2023||$174.12||$161.93||$186.31|
|9 December 2023||$174.95||$162.71||$187.20|
|14 December 2023||$181.19||$168.51||$193.88|
|19 December 2023||$188.47||$175.27||$201.66|
|29 December 2023||$204.74||$190.41||$219.07|
Monero price prediction 6 December 2023: Monero's price for 6 December 2023 according to our analysis should range between $159.70 to $183.74 and the average price of XMR should be around $171.72.
Monero price prediction 7 December 2023: Monero's price for 7 December 2023 according to our analysis should range between $160.87 to $185.09 and the average price of XMR should be around $172.98.
Monero price prediction 8 December 2023: Monero's price for 8 December 2023 according to our analysis should range between $161.93 to $186.31 and the average price of XMR should be around $174.12.
Monero price prediction 9 December 2023: Monero's price for 9 December 2023 according to our analysis should range between $162.71 to $187.20 and the average price of XMR should be around $174.95.
Monero price prediction 14 December 2023: Monero's price for 14 December 2023 according to our analysis should range between $168.51 to $193.88 and the average price of XMR should be around $181.19.
Monero price prediction 19 December 2023: Monero's price for 19 December 2023 according to our analysis should range between $175.27 to $201.66 and the average price of XMR should be around $188.47.
Monero price prediction 29 December 2023: Monero's price for 29 December 2023 according to our analysis should range between $190.41 to $219.07 and the average price of XMR should be around $204.74.
Monero's Long Term Price Prediction
Monero’s long term Price Prediction below is a look at XMR’s future prospect with regards to price. Monero was last seen at $171.04, with a market cap of $3,093,699,010 and trading volumes of $74,360,303. XMR’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Monero price prediction 2024: Monero's price for 2024 according to our analysis should range between $191.48 to $287.23 and the average price of XMR should be around $239.35.
Monero price prediction 2025: Monero's price for 2025 according to our analysis should range between $245.10 to $367.65 and the average price of XMR should be around $306.37.
Monero price prediction 2026: Monero's price for 2026 according to our analysis should range between $313.73 to $470.59 and the average price of XMR should be around $392.16.
Monero price prediction 2027: Monero's price for 2027 according to our analysis should range between $401.57 to $602.36 and the average price of XMR should be around $501.96.
Monero price prediction 2028: Monero's price for 2028 according to our analysis should range between $514.01 to $771.02 and the average price of XMR should be around $642.51.
Monero price prediction 2029: Monero's price for 2029 according to our analysis should range between $657.93 to $986.90 and the average price of XMR should be around $822.42.
Monero price prediction 2030: Monero's price for 2030 according to our analysis should range between $842.15 to $1263.23 and the average price of XMR should be around $1052.69.
Monero price prediction 2031: Monero's price for 2031 according to our analysis should range between $1077.96 to $1616.94 and the average price of XMR should be around $1347.45.
Monero price prediction 2032: Monero's price for 2032 according to our analysis should range between $1379.79 to $2069.68 and the average price of XMR should be around $1724.73.
Monero price prediction 2033: Monero's price for 2033 according to our analysis should range between $1766.13 to $2649.19 and the average price of XMR should be around $2207.66.
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A Historical look at Monero, XMR’s price
FAQs about Monero
Monero’s current price is $171.04 and witnessed a 1.91% increase in the past 24 hours. XMR/BTC pair saw a -2.62% decrease in the past 24 hours
Investing in Monero, XMR will purely depend on your personal risk appetite. As you can see over the past 24 hours Monero’s price has witnessed a 1.91% increase and over the past 30 days Monero has increase by 1.07%. So it all depends on if this investment will hit your trading goals.
According to our latest Monero Price prediction for 2023, XMR should vary between $226.26 and $150.84. Please keep in mind that the crypto market is very volatile and this Monero price prediction does not account for extreme wild swings in price.
As per the Monero price prediction 2023 model above, XMR’s price for December 2023 should range between $150.84 to $226.26 with the average price for December being $188.55
According to the Monero Price Prediction model above, XMR’s price in 2024 would be $239.35. This price would however would range from $287.23 and $191.48.
According to the Monero Price Prediction model above, XMR’s price in 2025 would be $306.37. This price would however would range from $367.65 and $245.10.
According to the Monero Price Prediction model above, XMR’s price in 2026 would be $392.16. This price would however would range from $470.59 and $313.73.
According to the Monero Price Prediction model above, XMR’s price in 2027 would be $501.96. This price would however would range from $602.36 and $401.57.
According to the Monero Price Prediction model above, XMR’s price in 2028 would be $642.51. This price would however would range from $771.02 and $514.01.
According to the Monero Price Prediction model above, XMR’s price in 2029 would be $822.42. This price would however would range from $986.90 and $657.93.
According to the Monero Price Prediction model above, XMR’s price in 2030 would be $1052.69. This price would however would range from $1263.23 and $842.15.
According to the Monero Price Prediction model above, XMR’s price in 2031 would be $1347.45. This price would however would range from $1616.94 and $1077.96.
According to the Monero Price Prediction model above, XMR’s price in 2032 would be $1724.73. This price would however would range from $2069.68 and $1379.79.
According to the Monero Price Prediction model above, XMR’s price in 2033 would be $2207.66. This price would however would range from $2649.19 and $1766.13.
The highest price for Monero was recorded in 9 January 2018 during which XMR hit an All Time High of $542.33
The price of 1 Monero according to current market rate is $171.04