Monero (XMR) is a privacy-focused cryptocurrency launched in April 2014, designed to offer secure, private and untraceable transactions. It has garnered a lot of attention within the cryptocurrency community due to its unique approach to anonymity and security.
Monero's key features include ring signatures to obfuscate the sender's identity, stealth addresses to hide the recipient's address, and the use of Ring Confidential Transactions (RingCT) to hide the transaction amount. Monero operates on a decentralized network, preventing blacklisting by making all units fungible and indistinguishable. Its adaptive block size and CryptoNight proof-of-work consensus algorithm promote decentralization by allowing ordinary users to mine using commodity hardware.
Like many cryptocurrencies, Monero's price first peaked in January 2018, coinciding with a broader market surge. By the end of that year, it had reached $469 before falling to $37. From March 2020, when the COVID-19 pandemic began, to May 2021, Monero experienced a significant bull run, surging 1,886% to an all-time high of $517.62.
During the first half of June 2024, Monero experienced both gains and losses, starting at $131.75 on May 12, 2024 and steadily increasing with some fluctuations throughout the month, peaking at $178.43 on June 10, 2024. The highest daily increase was 9.65% on June 8, 2024, while the most significant daily decline was 6.46% on June 7, 2024. During this period, the cryptocurrency has shown resilience and an overall upward trend, despite some small corrections, which reflects typical market volatility. By June 11, 2024, Monero had slightly declined from its recent high to $173.37.
In 2024, Monero's price is expected to fluctuate between a low of $130.70 and a high of $159.33, with an average trading price of around $187.95, and a potential ROI of 27.6%. For June 2024, experts predict an average price of $171.76, with a range of $164.96 to $178.56, and a potential ROI of 43%. In July, Monero is expected to trade between $130.70 to $185.64, with an average of $158.17, and a potential ROI of 48.7%. For August, the average price is predicted to be $138.50, with a low of $136.15 and a high of $140.84, and a potential ROI of 12.8%.
By September, the price could reach an average of $139.66, a high of $141.02, and a low of $138.30, with a potential ROI of 13%. The predicted average for October is $158.70, with prices ranging from $139.11 to $178.28, with a potential ROI of 42.8%. In November, Monero will range from $165.77 to $187.95, with an average of $176.86, and a potential ROI of 50.6%. Finally, in December, Monero could average $156.71, a high of $173.41, and drop to $140.
Author: Makinde Adeniyi
The editorial team at #DisruptionBanking has taken all precautions to ensure that this article does not adversely affect any person or organisation, nor does it provide financial advice of any kind. This article does not constitute financial advice.
