A lot of people weren’t even aware that digital currencies existed until last year. Those that knew about it were only exposed to bitcoin and Ethereum. But digital currencies became more popular as 2017 progressed. The general market cap of the digital currency market surged from $19 billion in January last year to $795 billion in January this year – that is an increase of over 40,000 percent.
A lot of digital currencies became part of the success story, and Monero [XMR] was one of them. Monero [XMR] is ranked 14th with a market cap of $2 billion. The digital currency did very well last year, and a lot of investors are wondering if the success it achieved will be repeated this year.
Historical Price Trends of Monero
The digital currency didn’t experience much action for about two years after it was launched in 2014. The coin started gaining popularity towards mid-2016 and 2017. The value of Monero was about $12 in January last year, and it got to the high of $494 in January this year.
Nevertheless, like other digital currencies in the market, the value of Monero has also decreased since January. At the time of writing, the digital currency is trading at $122.43.
Price Prediction of Monero Based on Technical Analysis
Based on the technical analysis of the coin, Walletinvestor.com – a site that analyzes digital currencies – predicted that the value of Monero [XMR] could increase to about $638 in twelve months. It predicts a return on investment of over 220 percent if you invest in the coin at its current value.
Price Prediction of Monero Based on Market Trends and Technology
Proficonfidential.com – another price prediction website – predicted that the value of Monero will be within the range of $350 and $400 by the end of this year. The value of the coin tested $494 in January this year, hence, this prediction is more realistic and achievable by the end of this year.