Monero price prediction for 2020 and beyond
It’s the cryptocurrency that claims to offer privacy and anonymity that Bitcoin can’t match. But what is the Monero price prediction for 2020?
It’s been described as the ultimate cryptocurrency for consumers who value their privacy. Monero (XMR) says transactions on its blockchain cannot be connected to particular users or someone’s real-world identity. Although this could be beneficial for people who are subject to censorship, critics argue that this enables crypto to be used for criminal activity and terrorist financing. In this article, we’re going to give you a Monero price prediction for 2020 – and explain what this coin actually does.
What is Monero?
As you may have deduced from our introduction, the Monero cryptocurrency is a so-called “privacy coin”. In the early days of Bitcoin, many people just assumed all cryptocurrencies were anonymous, but this isn’t necessarily accurate. Yes, BTC addresses and transactions aren’t connected to an individual’s account, but the use of exchanges and wallets can compromise someone’s identity. Plus, given how all transactions across the Bitcoin network can be traced by anyone, a little bit of detective work may be all it takes to unmask the owner of a certain address.
Monero trading is designed to be different. Because it is decentralised, the team behind the cryptocurrency claim that third parties never need to be entrusted with keeping coins safe. Obfuscation techniques are also used to shield the origins of a transaction – as well as its value and where it was heading – from public view. Groups of users are involved in validating transactions in such a way that it’s computationally impossible to determine who was personally responsible. This is almost like having a typed message from a Manchester United footballer – you know it would have been someone from the team, but it’s difficult to know exactly who.
Monero vs Bitcoin
Are there any other differences between the Monero cryptocurrency and Bitcoin? Absolutely. For starters, Monero has an unlimited supply of tokens, while the maximum number of Bitcoins that exist will forever be capped at 21 million. Different mining methods are also used. While you might need some seriously swanky and high-powered equipment if you’re ever to have any hope of being rewarded with 0'>BTC, it’s possible to mine XMR with a normal computer.
Monero price chart
To determine a Monero future price point, looking back at its performance in the six years since launch can help.
Much like other cryptocurrencies, there was little movement in XMR to begin with. Those who made a Monero investment in early 2017 would have been quids in, as the privacy coin reached an all-time high of about $476 in December of that year. Prices have cooled ever since – although there were a few notable spikes in March and April 2018. At the time of writing, the Monero cryptocurrency was priced at $84 – and, according to CoinMarketCap, the coin has a market cap of $1.46bn.
There are a lot of uncertainties in the crypto world at the moment (just like always) and this means it’s worth taking any Monero prediction with a pinch of salt.
One particular hurdle surrounds the move to further regulate coins and tokens. The multinational Financial Action Task Force is pushing for a so-called “travel rule” that would mean details of both the sender and recipient must be kept on record for crypto transfers over $1,000. Companies in the crypto industry are still trying to figure out how this would work ahead of a June 2020 deadline.
Depending on your point of view, there are two ways this could go for the price forecast. While one Monero price prediction could be that prices soar as crypto enthusiasts move away from more-established coins, stringent regulations could mean that it ends up being exceedingly difficult for everyday consumers to get their hands on XMR.
Monero price prediction
With all of this in mind, let’s take a look at Monero price predictions for 2020.
As is often seen with the price forecast for other coins, some analysts are predicting that the cryptocurrency will explode in the coming 12 months. They believe that Monero’s focus on anonymity could result in prices of $500 or more in the not-too-distant future.
TradingBeasts appears to take a different view. Its Monero price prediction indicates that XMR will actually finish December 2020 at about $75, which would be an 11 per cent slide from where it is currently. The website’s analysts believe that investors may have to wait for a few years before they see double-digit growth. Its price forecast suggests that a Monero future price of $156 is possible… in December 2023. Although that would be an 85 per cent boost from current levels, it would require quite a lot of patience.
And let’s wrap up with a Monero prediction from LongForecast. They actually believe that XMR will close December 2020 at $95.20 – a boost of 14 per cent from current levels. Rather bizarrely, it predicts Monero will be at $53.20 by the end of 2021, $81.90 by the end of 2022, but $164.50 by the end of 2023.
FURTHER READING: Dogecoin price prediction: Will the ‘joke’ crypto wow in 2020?
FURTHER READING: Binance Coin prediction 2020