Monero price USD

A Brief History on the Price of Monero

In order to understand the outlook for Monero and make some price predictions we have to take a look at the macro outlook for privacy coins in particular. We’ll also take a look at the events that have had an impact on the coin’s value.

Key News for Monero

People wrongly assume that Monero and other privacy coins are only for illicit transactions and dark markets.

The truth is Monero is open to anyone to use with secure, low-fee, transactions that can be sent in places with economic struggle. That is a powerful tool in the hands of people in oppressed parts of the world or those facing issues like hyperinflation.

Privacy coins have been somewhat volatile due to the evolving regulatory landscape with a few privacy coins like Zcash (ZEC) and Monero delisted from several exchanges last year, causing bearish trade winds. However, with the rise of decentralized exchanges, this has become of less concern and more and more coins are now adding privacy features, including Ethereum (ETH).

This year, increasing civil unrest and authoritarian behaviour from governments in some jurisdictions have also bolstered demand for coins like Monero.

Monero Timeline

• April 2014

Monero launched with no pre-mine

• May 2014

Monero is traded in exchange for the first time on May 21 (XMR price opens at $2.47 and closing down at $1.60)

• January 2015

All-time low January 14th (XMR bottoms out at $0.21 USD)

• August 2016

Price of Monero climbs nearly 100% over a 6-day period from 24th to 30th August (XMR opens at $4.66 on August 24 topping out at $8.50 on August 30)

• December 2016

Monero outperforms market for 2016 (Monero ends 2016 as the best-performing digital currency of the year)

• 2017

Monero’s increasing usage in dark markets and wider cryptocurrency bull market sees Monero price soar (XMR opens at $12.91 on February 7 and begins climb hitting $50 six months later)

• January 2018

All time-high for Monero (XMR hits $495.84 at peak of the bull market)

• October 2018

Monero becomes the first major cryptocurrency to deploy ‘Bulletproofs’, a technology that drastically decreases the bloat of confidential transactions. (XMR opens at $91.2 and closes slightly down at $89.5)

• May 15, 2020

Bithumb Delists Monero (Monero price opens at $65.52 falls to $62.87)

• Mar 12, 2020

Black Thursday cryptocurrency market crash (XMR opens at $54.09 and falls to close at $33.01)

Compare Monero With Fiat Currencies, Commodities and Crypto

When looking at the recent performance of Monero against other commodities, the results are surprising. It would appear that certain large-cap cryptocurrencies are currently being viewed as a safe haven asset and not correlating with regular markets in a year of turbulent economic conditions.

Compare Monero With Gold

Since the start of the year, gold has performed its role as a safe haven asset moderately well with a 15% return. Monero, on the other hand, outperformed the yellow metal with a 50% increase in the value of XMR over the same period.

Compare Monero With Platinum

Platinum is a lesser-known investment with a much shorter financial history than other precious metals like silver or gold. Few people realize that this precious metal is estimated to be 15–20 times more scarce than gold.

On March 19th platinum fell from $1010 to $580, nearly halving in price against the US dollar as the impact of the economic lockdowns was being felt across markets.

This year Platinum fell in value from $970 to $839 a 13.5% decrease for 2020. Monero was clearly a better investment since the start of the year.

Compare Monero With Lithium

Lithium is a commodity that has seen some incredible price action in recent times with its compounds having several industrial applications in growing markets.

Most people know that lithium is a key component in lithium-ion batteries for things like electric cars but it is also used in heat-resistant glass and ceramics, lubricants, and used in steel and aluminium production.
Lithium fell 14.14% or 7,000 points since the start of 2020, according to trading on a contract for difference (CFD) that tracks the benchmark for lithium. 

In contrast, Monero performed far better than lithium as an investment since the start of the year with the latter no doubt affected by the fall in production and economic output in 2020.

Monero Future Price Predictions

Monero is a great cryptocurrency for people who value their privacy. When attempting to determine the outlook for XMR, we need to analyze global sentiment regarding privacy to gauge demand.

We also need to analyze several metrics including Monero’s fundamentals and the overall performance of the cryptocurrency market.

Monero Price in 2020

As a nascent asset class, cryptocurrency is notoriously volatile. With an overall market cap smaller than some corporations, cryptocurrency has a lot of growth ahead. 

Monero is a purist’s cryptocurrency, in that it provides both privacy and fungibility not offered by other coins. This point of difference could see Monero perform exceptionally well in the future.

Some analysts are predicting that XMR will break $100 this year, in light of the bullish market structure around cryptocurrencies in general.

Review site Cryptoground is predicting Monero will top out at $81.9187 in 2020, an increase of 21.29%.

Monero Price Predictions for 2024

The cryptocurrency market is maturing and starting to find more utility and this is being reflected in the performance of several top cryptocurrencies, which have outperformed traditional safe havens by a significant margin. Few performed better than Monero since the start of the year.

The greatest fear in regards to privacy coins is that there will be some kind of regulatory clampdown that will prevent people from being able to access coins like Monero.

With more and more immutable, decentralized exchanges hitting the market, this thesis is becoming less of a concern. By 2021, there will likely be a range of places Monero can be purchased, which cannot be shut down. In light of this, we are predicting that Monero could surpass $150 in 2021.

Beyond 2024 for Monero

The original promise of cryptocurrency was that it can bank the unbanked and provide people in developing countries or with authoritarian governments, a way to both safeguard their wealth and avoid transfer value securely and at low cost.

Monero seems particularly well placed to fulfil this vision and it is quite possible that we will see adoption rates picking up all over the world in the next five years. In many ways, Monero is like cash.

Even if the cash in your possession was used for something illicit in the past, no one can know that since cash transactions are private. It is the same with Monero.

Review site Cryptoground shares our bullish outlook for Monero predicting a rise to $482.14 in five years, a gain of 613.86%.

Monero Price Conclusion

Monero is widely accepted on illegal darknet markets because of this fungibility, but rather than this being a negative, it shows that Monero has real utility.

Innovative features like stealth addresses and the upcoming integration into Monero of the Kovri I2P Project – a decentralized, anonymous Internet – demonstrate that Monero’s privacy protections are becoming even stronger.

For these reasons, Investopedia listed Monero as one of the most important cryptocurrencies other than Bitcoin.

Most analysts are predicting that the cryptocurrency will explode in the coming years. We believe that Monero’s unwavering focus on anonymity could see prices of $500 or more in the future. With the price of Monero volatile in the short term, there is the option of trading and profiting on volatility through a broker.