Monero (XMR) Price 2020
The current price of Monero fluctuates around $45.31; the total market capitalization is $787,132,152, which makes XMR one of the 20 most popular digital currencies as of December 2019. The circulating supply is 17,373,610 XMR. The daily trading volume is around $93,671,978.
The all-time high of Monero, $495.84, was reached in January 2018. The estimated ROI (return on investment) of XMR is 1,731.50%, which means that $100 worth of XMR bought at the time of the Monero launch would yield about $1731 today.
During several years after launch, the price of Monero did not experience a lot of fluctuations. Having started at $1.5 in May 2014, it was not until August 2016 that the first significant spark occurred to $13 occurred. In fact, despite the success of Bitcoin and Ethereum, Monero was the best performing cryptocurrency of 2016. There are good reasons to believe that such a spark in popularity (more than 2000% of the price increase!) was due to the increasing demand for the coin in the dark web. It was exactly in 2016 when the owners of a shadow market AlphaBay began to accept payments in XMR, drawing attention to Monero due to its unprecedented anonymity. Another distinct niche taken by Monero in 2017 was online casinos, the Oasis shadow market, and the anonymous email service SIGAINTNORT.
Another huge spike took place in August 2017, notably when the price of Bitcoin was going down. There were speculations about the exact reason, but a major event at the time was the listing on a Korean cryptocurrency exchange Bithumb.
The controversy that surrounds Monero (XMR) makes it difficult to predict its future: some traders and investors consider it the gold standard of anonymity, while others perceive it merely as a means of the drug trade and other illegal activities. The accessibility of XMR for investors went up, which may have been the reason for the increase in XMR price to $140.
The next significant price increase occurred in December 2017, partly due to the overall bullish trend that took over the cryptocurrency market. However, there was another contributing factor: the news about Monero being accepted by a group of 45 famous musicians hit the web. Mariah Carey, Fall Out Boy, Backstreet Boys, Sia, and others announced that fans could use Monero to buy their music. All the facts mentioned above led to a mind-blowing upward trend in XMR price to $400 and later to a historical high of $495.
As for 2019, the coin had a good period in the middle of the year, reaching up to $120, but by the end of 2019 went back to a $50 mark around which it has been fluctuating. As with many coins, the popularity of XMR depends on media hype and technological advances.
Either way, anonymity is indeed one of the pillars of cryptocurrency, which is why it is safe to assume that Monero (XMR) will continue being popular among the users. Many predictions are quite positive: the WalletInvestor forecast, for instance, claims the XMR price may go up to $500 in 2025. Read More
What is Monero?
Monero (XMR) is an open-source digital currency with a strong focus on decentralization, fungibility, and privacy. “Monero” literally means “coin” in Esperanto. Created in 2014 by (unsurprisingly) anonymous developers, Monero incorporates several privacy-enhancing features that improve upon BTC and provides a high level of anonymity for the users and their transactions.
Just as Bitcoin, Monero runs on a Proof-of-Work consensus mechanism to produce new coins and incentivize miners to validate transactions while securing the network. Nevertheless, it uses an obfuscated public ledger: although anybody can perform operations, an outside observer can’t see the amount, source, or destination of the payment. A unique CryptoNote protocol is responsible for this feature, also improving on the scalability of the coin as compared to BTC.
Monero’s technology is very true to the principles of decentralization. However, they are often misused, for instance, in ransomware attacks, and on the dark web.