Monero (XMR) Price
It’s safe to say that Monero (XMR) is amongst the cryptocurrencies which really took a beating during 2018’s prolonged bear market. XMR is down about 85 percent from its all-time high during 2017 unprecedented bull run.
On the other hand, XMR’s price has been increasing throughout the entire 2019 so far. The cryptocurrency marks an increase of about 50 percent against the USD and it’s currently sitting at a market cap of about $1.1 billion which makes it the 12th largest cryptocurrency.
Monero (XMR) Price
If you’re contemplating investing in Monero, one of the most important things to look at is its price chart.
Reading the Monero (XMR) price chart will provide you with much-needed information such as what’s the currently existing trend, what past trends were and, eventually, where the cryptocurrency is headed to.
Of course, that’s a lot easier said than done. There are important indicators that you’d have to be aware of and to know how to use them. Certain indicators such as moving averages can provide entry and exit signals and could help you structure a proper trading strategy.
Monero (XMR) is a cryptocurrency created back in 2014 and its primary focus is placed on privacy. It takes advantage of an obfuscated public ledger which means that anyone can broadcast or send transactions while no outside observer can tell the source, as well as the amount or the destination of that transaction.
Monero uses a Proof of Work consensus algorithm in order to produce new coins and to incentivize miners to secure the network and to properly validate transactions. Its hash algorithm is called CryptoNight and it comes from the CryptoNote Protocol. It has algorithmic differences which are related to blockchain obfuscation.
Essentially, ring signatures mix the sender’s output within a group of others, which makes it exponentially more challenging to establish a link between every subsequent transactions.
Moreover, each transaction has stealth addresses generated for it, which supposedly makes it impossible to discover the destination address of the transaction by anyone else who’s not the sender or the receiver. Also, the abovementioned ring confidential transactions also hide the transferred amount.
Back in 2014, a member from the Bitcointalk forum community going by the nickname thankful_for_today forked the code of Bytecoin into the name of BitMonero. The release, however, wasn’t accepted properly by the community which had initially backed it. Different plans to improve Bytecoin with changes to its block creation time, block reward, and tail emission had been ignored. At this time, the user thankful_for_today disappeared from the scene.
A group of other users, led by Johny Mnemonic, decided that the project should be taken over by the community and a few short days later, the project was named Monero.
Monero Price Analysis
2019 has so far been good for Monero (XMR), as it has been for the majority of cryptocurrencies. XMR gained about 50 percent against the US Dollar year to date but its value against BTC has remained relatively stable.
The majority of its gains were made throughout April’s cryptocurrency market rally which was fueled by Bitcoin’s sudden spike of about 25 percent.