- Price $107.18
- Market Cap
Monero is currently one of the world’s leading cryptocurrencies. What sets it apart from others in the market is its focus on private and censorship-resistant transactions. The majority of the leading cryptocurrencies out there have transparent blockchains, which means that they are traceable by anyone in the word, and could be linked to someone’s identity. Monero on the other had uses a type of cryptography in order to shield the addresses of those that are both receiving and sending Monero, as well as how much was transacted.
Over 240 developers have helped to contribute to the Monero project, and the team behind it are constantly pushing the boundaries of what is possible with the privacy and security of cryptocurrency security. It was developed by experts all over the world who have donated their time or helped to fund the project through donations. This means that it can’t be shut down by just one country and it is not constrained by any government or legal jurisdiction.
The system allows for fast, inexpensive payments to and from anywhere in the world, and thanks to the nature of blockchain, there is no risk of fraudulent chargebacks.
In The Beginning
Monero was off to a good start initially when it was launched into the market, on May 21, 2014, it had a closing rate of $1.60. For a brand new cryptocurrency, this was already looking promising, and things would only just get better as time went on. Not much seemed to happen on the market for the following month, remaining around the dollar mark throughout June. At the end of the month, on 21 June 2014, its price suddenly skyrocketed to $5.
A Sudden Value Drop
Until October that year, its price hovered around $2 to $3 mark, but then in early October its value suddenly dropped 97 cents, much to the disappointment of investors, and it would remain at around this price until April 2015. In the cryptocurrency world, this is a long time for the price to remain stagnant. Things only got worse from there, as for the next few months there were lows of just 30 cents, a good deal lower than its initial opening rate.
What Caused Monero Price Rise?
By June, it had started to pick up a bit of momentum again, slowly rising to $2 at the start of August. By the end of August, things were really starting to look up, as it had almost reached $10, dropping only slightly for the rest of the year. There are a few reasons for this rise in price, as prior to its price spike an online darknet market known as AlphaBay Market announced the implementation of Monero due to demand from its community. Soon after this Oasis market also announced its implantation of the cryptocurrency, both announcements of which were made public using major mainstream media outlets.
Another contributing factor could be that at around the same time, Dash, a cryptocoin offering similar features to Monero, began to be heavily criticised by experts. This meant that many users and investors began to shift their interest to Monero, another privacy focuses cryptocurrency.
Steady Price Rise
The year 2017 set off to a good start, with Monero being valued at $13.97. Its value just kept on rising as the year went on, almost doubling in value by March and then almost doubling again by June 8, reaching the price of $56.19. The value of Monero continued to rise steadily, reaching over $100 quite quickly. The recent interest in this cryptocurrency is that it recently introduced RungCT 2.0, which is a compact, linkable ring signature based protocol, something that other crypotcurrencies are yet to introduce. It was also integrated in Bitthumb at this time, who were frequently holding trading contents. Plus there is the fact that a mobile wallet for Monero came into existence, which made the currency more attractive to end-users.
Monero’s all time high
Its all time high came on December 20th, then it was valued at a staggering $469.20. This peak didn’t last forever though, and by March 2018, it had declined back to $187.93, although still a good deal higher than what it was the same time the year previously.
Of course, as with all cryptocurrencies, the price that it is now does not by any mean reflect what the price of Monero will be in the future. It is actually looking like quite a profitable investment option, with the long term valuation being that in 2022, its value could have increased to almost $2000. It started off strong, and although it has had a few blips, it is still a very strong cryptocurrency.