Bitcoin
Here’s How Monero (XMR) Could Soon Be At $1,000
Back at the start of the decade, say twelve months or so subsequent to the introduction of bitcoin, the coin was taking off based on the fact that users could transact securely and anonymously with one another on the underground marketplaces (we’re looking at you, Silk Road). Fast forward to 2018 and things are completely different.
When you talk about privacy and anonymity in the cryptocurrency space today, bitcoin doesn’t even factor into the conversation. The necessity to verify identification across practically all of the major exchanges globally has all but negated the anonymity side of transacting in bitcoin and while it’s still theoretically possible through offline wallets and peer to peer transactions, it’s inconvenient at best.
In line with this, a wave of cryptocurrencies has popped up promising to overcome the privacy issues associated with bitcoin and, in turn, to offer users a way to transact anonymously and securely once again – be that across an underground marketplace or otherwise.
Of this wave of alternatives, one stands head and shoulders above the rest – Monero (XMR).
Monero currently ranks number 13 by market capitalization in the cryptocurrency space, trading for just shy of $300 a piece and a market capitalization of $4.6 billion. It’s down right now around 40% from highs of $494 recorded on January 7, but that dip is representative of wider market sentiment as much as it is currency specific sell-off, meaning it should be taken with a pinch of salt when trying to figure out how this coin stands as compares to its peers in the sector.
So why are we focusing on Monero right now?
Well, we’re always on the lookout for cheap coins. When markets sell off as has been the case over the last couple of weeks, all coins look cheap but that can be misleading – by picking up only the strongest coins (regardless of how far the market has fallen) it’s possible to leverage the dip to maximize returns on a basement-price acquisition.
And we think Monero fits squarely into this category.
First up, take a look at the chart below.
Monero Daily Chart
The chart illustrates the recent decline pretty nicely but it also does a good job of showing how this one has risen relatively steadily since inception to its current point and, additionally, it reveals that the latest decline, when viewed as part of a long-term trend, is particularly severe.
When you compare this chart to some of the other coins, ones that went from valueless to gaining thousands of percentage points in a week late December before crashing again mid-January, the market looks far more stable for XMR than it does for any other coin, pretty much across the board.
And this one’s not just a technically driven thesis.
Monero is making waves behind the scenes, with a number of key, recent fundamental developments playing a part in maintaining sentiment for the coin. Perhaps most notably, Monero just announced a working point of sale (POS) system called Kasisto, which can be used to settle real world Monero transactions in seconds. This is a major step forward for the cryptocurrency and for the space as a whole and is just one of a spate of efforts to bridge the virtual/real world gap that’s causing friction in the sector right now.
So where do things go from here?
We’re looking for a sharp turnaround from current levels and a return to the longer term and steady upside run that’s brought Monero to trade within the top tier of cryptocurrencies over the last couple of years. Once the current corrective period balances out and we see the above-mentioned highs broken, there’s no reason why XMR can’t take out the $1,000 near term.
We will be updating our subscribers as soon as we know more. For the latest on XMR, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Monero
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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