XMR Price Predictions: 2024 & Beyond

How Much Will XMR Cost in 2024?

Monero is the leading cryptocurrency with a focus on privacy and anonymity. While Bitcoin and blockchain technology in general are considered anonymous, in reality, they are not. Bitcoin is only pseudonymous. Addresses on its network are not tied to a particular ID, but transactions on the blockchain are visible to anyone. This means that, if one address is linked to you, any person could know how much you own and how much you spend. 

Private blockchains try to solve this privacy issue using different methods. In some cases, the privacy features are optional, while others, like Monero, enforce them for every user. In the last couple of years, financial regulators have taken action against these cryptos. And it has caused plenty of exchanges to delist them, in order to be able to continue working. If you want to know about Monero, and how to exchange SOL to XMR, this article is for you.

XMR Overview

Monero was launched in 2014, by a group of anonymous developers. Although some of these have disclosed their identities, most remain anonymous. XMR quickly garnered widespread use, and rose to the first positions in market aggregators. 

In the following years, several technologies and blockchains were launched, also with a focus on privacy. However, Monero remains one of the few that enforce privacy as a feature of the blockchain as a whole. Other alternatives offer this function as an option but also allow for visible transactions. 

To achieve anonymity, Monero implements technologies such as ring signatures and stealth addresses, among others. These protocols obfuscate the address of the sender and the amount being sent. As a result, only the two parties involved in a transaction can know the details of the transaction.

XMR has recently dropped in the market because investors are more interested in DeFi protocols. However, it’s still among the top 50 coins by market capitalization, and it’s the most valuable one with a focus on privacy. You can compare BNB vs SOL or XMR vs other privacy coins to evaluate its position in the market.

XMR: What Determines Its Price?

XMR is currently priced around $165, with a market capitalization of $3 billion, which places it in the 39th position. In May 2021, it reached its all-time high, at $453 and a market value of $8 billion. Its price is relatively high, especially if you compare it with similar coins, or coins with similar market capitalization. Let’s take a look at the reasons for this price.

• Market history: Monero has been in the market for 10 years. This has given it an opportunity to acquire plenty of value during the different bullish markets it has experienced. Moreover, 10 years ago there were a lot fewer coins in the market, so the total market value was shared among fewer individual projects.

• Competitive advantage: Besides its long history, Monero is still the top privacy coin. Other alternatives, while also valuable and effective, fall behind XMR in terms of technology. Unlike Ethereum, which found strong competitors in the DApps field, Monero is way above other privacy coins.

• Widespread support: The previous points have contributed to creating a strong and growing community around the project. Despite some ups and downs, Monero remains strong in the market because investors understand its fundamental value.

However, although XMR is worth over $150, you don’t necessarily have to buy a full coin. If you cannot or don’t want to invest in a full XMR, you can buy fractions of the coin.

XMR Price Predictions for 2024

The price of XMR has had a positive performance throughout the years. In January 2018, during the bullish market, it reached a peak of $458. However, it went down in the following months. By March 2020, when the COVID-19 pandemic was announced, it fell to $36. But in May 2021, amid the next bullish trend, it rose to its previous peak. 

In the last year, however, the price has fallen back, because XMR was delisted from a few centralized exchanges. Although the announcement of the MoneroKon, which takes place in early June, drove its price up around 5%.

Today’s price is still way below its ATH, and analysts believe it will not break it anytime soon. However, in the long run, XMR is considered a great investment, with major gains year after year.

Is It Time to Purchase XMR?

In the coming months, predictions expect the price to keep rising. If you purchase 100 XMR right now, valued at $16,500, by year’s end you’d have around $24,750, a 50% increase. This same investment, if unchanged, would be worth $34,150, a growth of over 100%.