There are plenty of great cryptocurrencies out there that every trader needs to consider if they want to make the most when trading digital assets. One crypto that has been hyping recently is definitely Monero, which uses XMR as its ticker symbol. In this article, we’ll cover what Monero is and how its price changed in the past. Moreover, we’ll discuss the possible price of XMR in the near future.
Monero: Previous Price Changes
Monero was officially created in 2014, and for the first year and a half, the price didn’t change much. Apart from a minor uptick at the start of its journey, XMR only experienced a slight increase throughout 2014 and 2015. A single unit of Monero traded at about $0.5 at that time.
The price started increasing in August 2016, when people generally started talking more about cryptocurrencies. It’s also the time when Bitcoin’s popularity began increasing. All of that resulted in the first Monero’s peak in price, which took place in January 2018. The highest price that Monero reached was actually on January 7, when one XMR traded at $495.84.
XMR’s price declined after that, which was the case with many other cryptocurrencies. The price didn’t really return to normal but fluctuated instead. Still, the price barely went over $100 during 2019. It all started changing with Covid-19, when the price started going up again after March 2020. It increased up to $280+ in February 2021.
If you take a look at a 52-week low, you’ll see that it’s about $26 at the moment, whereas the 52-week high for XMR is $288. It means that the price increased ten-fold in less than a year.
Additional Details about Monero
Monero is currently trading at approximately $200. As you can see, that’s nowhere near its all-time high, but it’s still a quite reasonable price. However, by the time you read this article, the price could change a lot. Instead, let’s take a look at some other numbers that might help you out with trading XMR.
First of all, the all-time high, as previously mentioned, was $495.84. On the other hand, the all-time low was just $0.213, and it was recorded six years ago, on January 14, 2015. It’s safe to say that Monero won’t break its all-time low records — at least not in the near future. On the other hand, breaking the all-time high record seems like a reasonable possibility.
The circulating supply for Monero at the moment is about 17.8 million XMR, which is also the total supply right now. Monero’s current market cap is about $3.9 billion, but that also often changes.
As for its popularity, Monero occupies 23rd place in terms of market cap.
Trading Monero for Beginners
If you don’t have experience trading Monero, you need to find a beginner-friendly platform that will help you out. Bitcoin is usually traded against XMR the most, so make sure to keep an eye on the BTC to XMR exchange rate.
If you already have BTC and you want to obtain XMR, it’s best to opt for a decentralized exchange, such as Godex. They are convenient to use, have low fees, and feature many other cryptocurrencies and trading pairs.
The only rule you need to follow when it comes to Monero trading is to buy when low and sell when high. This is easier said than done, but once you get into the swing of things, you’ll learn more about cryptocurrency trading and be able to make a profit by buying and selling XMR.
Conclusion: The Future of XMR
The thing is — we don’t know whether the peak that took place in February 2021 was really a peak. The price of cryptocurrencies is very difficult to predict at this moment, and that’s why we’re not going to make any conclusions about Monero. However, some experts predict that XMR’s price will increase to a $460 level by the end of 2021.
One thing is certain — nobody expected that BTC would go over its 2017 peak, and yet it did and reached almost three times as much. Why shouldn’t the same thing happen with XMR?
We understand that this gives you hope, but the world of cryptocurrencies is very volatile, and there are still no rock-solid rules that you should take for granted. The only piece of advice you can get is to follow the changes in the price of Bitcoin in the future, as Monero has been following BTC’s fluctuations in the past.
Other than that, make sure to follow the latest news about Monero and other cryptocurrencies that are part of your trading strategy. That way, you’ll be able to get the best from your online cryptocurrency trading journey. News are usually important as they affect the general mood among cryptocurrency investors and make them buy or sell cryptos accordingly.
Most importantly, learn more about crypto trading in general and try to gain as much experience as possible before starting to trade with big money.