Monero (XMR) stands out for its emphasis on privacy and anonymity. Since its creation in April 2014 as an offshoot of Bytecoin, it has gained a lot of attention as a top choice for users who value discretion in their trading. Monero employs advanced technologies such as ring signatures, stealth addresses, and bulletproofing to ensure transaction details remain private and protect the identities of both senders and recipients. It is imperative that investors consider the implications and possibilities as they ponder the potential outcome, especially if his XMR price reaches his coveted $200 level in 2024.
Amid market fluctuations and regulatory changes, Monero's trajectory remains uncertain, but its resilience and unique value proposition suggest promising possibilities. In this article, we delve into a hypothetical scenario, analyze the impact on your investment portfolio, and examine the factors that will influence the future path of his XRM in the ever-evolving crypto industry.
Monero price market performance milestones
Monero’s current market performance shows a price of $121.71 USD and a 24-hour trading volume of $164.2 million. In the past 24 hours, the coin has decreased by 6.72%, in the past 7 days it has decreased by 27%, and in the past 30 days it has decreased by 18.38%. It currently ranks 40th on CoinMarketCap with a market capitalization of $2,238,162,768 and a circulating supply of 18,394,830 XMR coins. The all-time high was $517.62 on May 7, 2021, which was a 75.1% decline compared to the current price.
This recent price drop is mainly due to Binance’s announcement regarding the delisting of the token. The price of XMR fell sharply on the news, dropping nearly 19% within hours to its lowest level in five months.
What happens if Monero (XMR) reaches $200?
If your initial investment is $100, you will get approximately 0.8055 coins at the current price of $124.2 per XRM. If the price increases to $200 per coin, the value of your investment will jump to approximately $161.1. This represents a profit of $61.1 calculated by subtracting the initial investment from the new value. This corresponds to his ROI of approximately 61.1%.
Now let's see what happens if we increase the investment amount to $1000. With this investment, you will get approximately 8.055 XRM coins at the current price. If the price of increases to $200 per coin, the value of your investment would jump to approximately $1611. This means a profit of $611 less the initial investment from the new value. The ROI remains stable at approximately 61.1%, regardless of the initial investment amount. This highlights the direct correlation between the rate of increase in investment value and the rise in Monero prices.
In both scenarios, whether your investment is $100 or $1,000, your profit and ROI will be consistent because there is a proportional relationship between price appreciation and the value of your investment. This highlights the potential for significant returns from investing in dynamic crypto markets, especially in assets like Monero, which experience significant price fluctuations.
| Initial investment | Monero coins earned | New value of $200/coin | profit | ROI |
| 100 dollars | 0.8055 | $161.1 | $61.1 | 61.1% |
| 1000 dollars | 8.055 | $1611 | $611 | 61.1% |
Will Monero (XMR) reach $200 in 2024?
Monero (XMR) price prediction in 2024 is influenced by several factors such as market trends, supply and demand, technological advancements, regulations, and overall community sentiment in the crypto space.
Some analysts predict that under favorable market conditions, the average trading price of XMR could reach around $286.42 by 2024. However, if the crypto market suffers a significant downturn, the price could drop to $261.39.
Meanwhile, another forecast suggests that Monero could end 2024 at around $148.419, with an average annual price of $147.917. The expected maximum price in 2024 is $185.523, which was predicted in December.
Alternatively, there is a prediction that it will increase by 2.54% and the price will reach $171.02 by February 6, 2024. Technical indicators indicate bullish sentiment towards Monero, while the Fear and Greed Index score shows a score of 60 (Greedy).
Overall, there is no consensus among analysts on the exact price of XMR in 2024. However, many have suggested it could reach $200, although it is not guaranteed. The actual price will depend on how the cryptocurrency market evolves and how Monero adapts to changing circumstances.
For example, Binance's decision to remove Monero from its platform is a major blow to the privacy-focused cryptocurrency. Binance holds a significant position as one of the largest and most widely used cryptocurrency exchanges in the world. Although Monero remains available on other major exchanges such as Kraken, Bitfinex, and Huobi, this move by Binance could still impact its market value.
The immediate impact of Binance’s delisting on Monero’s market performance, and the likelihood of it reaching $200 by 2024, is unclear. However, it is likely that there will be a negative impact in the short term. This delisting will reduce the company's visibility and trust in the cryptocurrency market. However, looking to the future, the coin could rebound and reach higher levels. To do that, Monero needs to highlight its value proposition as a privacy coin and attract users who prioritize anonymity and security.
Nevertheless, the future direction of XRM will also depend on broader trends and sentiment within the volatile and unpredictable crypto market.
