When Monero launched, conversations around Bitcoin’s on-chain privacy features caused a spree of privacy-focused projects to enter the digital asset market.
Originally named Bitmonero, Monero emerged as a privacy-focused cryptocurrency based on CryptoNote, a reference implementation for new altcoins many of which were later exposed as fraudulent projects. Monero’s payment anonymity has garnered significant attention from a panoply of crypto-curious persons.
Monero runs a proof-of-work algorithm called CryptoNight, which is friendly toward CPU and GPU mining. New blocks are added to the chain on average every two minutes.
Mining difficulty adjusts after each new block. Monero’s privacy enhancements come from CryptoNote which masks sender identities via ring signature mixing and offers single-use keys to make transactions untraceable.
XMR Roadmap for 2020
There is no real roadmap, because Monero is a working product trying to adopt new tech as soon as it is usable and safe to use.
Official roadmap of Monero is pretty scarce with information, they listed only two items on their to do list: Second-layer solutions for speed and scalability and Additional MRL research papers.
Second layer solution is the open-source project, called Tari, will make it possible to program and issue non-fungible assets like loyalty points, in-game items, and concert tickets over the blockchain. The tokens will function similarly to ERC-721 tokens in the ethereum network (e.g. CryptoKitties), enabling users to take ownership of unique digital assets.
“Tari will fundamentally change the way we interact with digital assets,” said co-founder Naveen Jain. “We are building an amazing team to steward the most useful decentralized platform in existence, empowering anyone to issue, manage, use and transfer their digital assets.”
Though not the first project to use blockchain technology to allow users to trade digital assets, co-founders Jain, Riccardo “fluffypony” Spagni, and Dan Teree claim that it is the first to be optimized for this specific use case, making it ideal for businesses who desire to use it at scale.
Tari will be structured as a sidechain to the main monero network, enabling users to merge-mine its token with XMR.
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the year, XMR among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.
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These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.
Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.
Our XMR Price Prediction for 2020
XMR , as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, XMR can hope for one as well. Since that is very unlikely, don’t expect much to change for XMR price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
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- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will XMR be among those 5%?
Monero has stood the test of time. It’s growth over the last few years has been consistent (200-fold growth) and likely to continue in the middle to long term.
From an investment perspective, even if you personally do not require privacy and anonymity in your transactions, it is undeniable that a significant chunk of the world’s market desire it. This makes investing in Monero a fairly obvious decision.
Monero has been gaining wide acceptance in privacy-centric sectors – which also includes controversial platforms such as websites on the darknet. This raises some concerns around Monero’s acceptability in the long term and whether it’ll face regulatory hurdles. But on the other hand, it is also a sign of its prowess as a privacy-centric coin.
With many other mainstream brands also beginning to accept Monero, its future does look bright. Its developers have exhibited solid dedication to the project, with frequent updates and efforts to keep the network thriving and secured.
All of this summed up means one thing: XMR might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect XMR will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Monero XMR Price 2020
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the XMR price, which will give us another point of view to consider:
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, XMR is expected to drop heavily to $13.38 in one year.
It is a forecasting agency which is specialized to predict the financial market, which has even predicted more than 100 cryptocurrencies. LongForecast predicts that Monero might be in the range of $554-$638 in April 2020 and go up to $810- $945 by December 2020.
Trading beasts display that Monero can reach around $200 by 2020.
Profit Confidential shares the prediction data based on factors like the current market trends, the technology, and the team. They predicted that Monero might soar up to $350 by the end of 2020.
Cryptoground predicts that XMR might rise to $118 by the end of 2020. They even added their version of XMR price prediction 2024, where they stated that XMR might reach $496 by 2024.
Digitalcoinprice gave a slightly positive prediction saying that by 2020 end, XMR might be just 30-40% more valuable than now – $87 per coin.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com