Financial history, ID cards, addresses, and other personal information are typically concealed from the public. If thieves get access to it, you can lose your funds. That is why the safety of private data is a priority for every person or business.
If you are looking for a way to operate your funds without providing sensitive information, the best option is to invest in Monero (XMR). This cryptocurrency provides the highest level of anonymity on the market. But before exchanging BTC to XMR, learn how Monero works from our guide below.
XMR has been one of the most popular coins over the last few years. The market capitalization of Monero is around $3 billion. It brings XMR into the top 30 most valuable cryptocurrencies on the market. More than 18,160,000 coins are in circulation as of August 2022 (the circulation supply is limitless).
The price of XMR has been fluctuating around $150 for the past month, which is about a 50% increase from its June value of $100. The daily trading volume is circling around $150,000,000.
Blockchain scalability is associated with transaction speed. But, this is not Monero’s biggest priority. Usually, after the transaction order, you need at least ten confirmations from miners that last approximately two minutes each. Consequently, around 20 minutes is needed for one transaction. Even so, this is much less time that Bitcoin transactions take, which can last up to an hour.
There are no fixed transaction fees for Monero, but on average they were relatively high until the “bulletproofs” upgrade in 2018. Before a change in the protocol, you would have to pay near $0.60 per transaction. Today the fees fluctuate around $0.02 per transaction.
Monero was introduced to investors more than eight years ago. But a significant interest from investors has been observed only since 2017. The creators are actively working on making the project successful in the long run. Monero has its big advantages over other crypto projects, but it has some pitfalls as well. Take a look at the main XMR pros and cons:
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Still, knowing the technical features and market capitalization of the cryptocurrency is not enough when planning an investment.
Another crucial aspect to consider before any purchase is the price. Learn how the XMR price was changing over time, what impacts it, and what are the forecasts.
After the launch of XMR its price was fluctuating around $1-2 per coin. The first major surge took place in December 2017, when the price reached $470 per coin. Nevertheless, the all-time high ($517) happened in May 2021. Since that time, Monero’s price has never fallen below $100 per coin. In August 2022, 1 XMR costs around $150.
Thanks to AI-assisted technical analysis, price forecasts for any cryptocurrency are possible. Check out the price predictions for Monero by a few reputable sources:
Investors should expect around $193 per XMR by the end of 2022. The year after Monero’s price will probably increase to $284 per coin.
This source forecasts an average Monero price of $216 in 2022. Moreover, in 2023 the price is predicted to increase to $241.
The price for Monero largely depends on the level of adoption. Particularly, the more people use XMR, the more valuable it becomes. But the number of new investors usually depends on the updates in Monero projects, XMR accessibility, and the level of spreading. Also, public sentiments and global trends are important.
Monero is one of the most popular cryptocurrencies on the market and number one in terms of privacy. The history of XMR, promising market indicators, and numerous technical features prove Monero as a reliable and successful project.
So, if you value the security of your funds and personal information, you should probably hold back an XMR to ETH swap.
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