What is the Price of Monero (What is the Upside Potential of Monero)?

08/20/2023 08:03 • Digital Disruptors • 57 views

The price of Monero, according to Huobi’s market data, is a digital currency based on the Ethereum network. After the Bitcoin halving on May 15, 2019, the price of Monero saw a significant increase, reaching a high point of over $120, breaking the $100 mark for the first time since early 2018. Due to certain characteristics of Bitcoin and Monero, leading to relatively low prices of these cryptocurrencies, many investors have started paying attention to this market shift.

According to the latest data from Bitstamp, the price of Monero is $10.9; with a current market capitalization of approximately $100 million (compared to $689 million in December 2017). XMR ranks second with a price of around $117,000. On February 18, 2018, Monero (XMR) reached its historical high on CoinMarketCap, trading at over $80.

What is the Upside Potential of Monero?

Amidst ongoing volatility in the global market, the price of Monero (XMR) has appreciated from $0.002 at the beginning of the year to approximately $0.076. According to data from BitInfoCharts, Monero has surged more than four times in the past 30 days, reaching a new all-time high. (Note: Monero is recognized as one of the most valuable cryptocurrencies after Bitcoin’s third halving, with a market capitalization of $1 trillion).

Although Monero itself lacks intrinsic value or fundamental factors, its market value and liquidity still exceed that of Bitcoin. It is not only a vital cryptographic asset but also the only token that can be exchanged and traded with any other altcoin in the world. This gives it significant room for valuation growth. So, considering the current price, what is the upside potential of Monero? We can refer to “Monero’s High Volatility and High Return Rate.”

For many individuals, the low volatility of Monero implies that it is more suitable as a medium of exchange rather than a substitute. However, due to the perception of Monero as a high-risk investment, it is challenging to make reasonable predictions about its future. Additionally, there are potential uncertainties surrounding Monero. If Monero becomes a mainstream currency in the future, its price may experience a significant decline. However, considering this trend, such uncertainties may lead to further increase in Monero’s value.

Of course, many people also believe that Monero may soon surpass Bitcoin because over time, people gradually realize its significant upside potential. For example, a recent tweet mentioned, “If we look at Monero’s historical performance, we can see that Monero has outperformed Bitcoin several times over.” In fact, shortly after Bitcoin’s price surged in December 2017, it reached the $50,000 mark about a week ago, in late 2021. Then, in mid-September of this year, Bitcoin broke the $50,000 mark again, setting a new all-time high. During that time, despite briefly falling below that level before rebounding and rapidly recovering its growth momentum in the following weeks. In October 2017, when Bitcoin returned to around $50,000, Monero even soared to below $60,000. However, by 2020, when Bitcoin first exceeded $60,000, Monero uniquely surpassed expectations in just one year, ultimately successfully establishing itself as one of the world’s leading digital currencies and becoming one of the true Bitcoin hard fork upgrades.

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What is the Price of Monero (What is the Upside Potential of Monero)?

What is the Upside Potential of Monero?

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