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