Monero (XMR) established its all-time high at $517 two weeks ago. The cryptocurrency has since fallen amidst the market dip. At the time of writing, Monero stands at a price level of $289 with the price increasing in the daily timeframe. Monero is considered as the de facto market leader of privacy coins. The coin often times get preferred to competitors like ZCash.
Monero (XMR) Adoption and Acceptance
Like all cryptocurrencies, Monero (XMR) saw huge growth in the year 2021. The cryptocurrency also saw a wide acceptance and adoption. Merchants all around have begun to consider the value that Monero provides because of its privacy features; hence, the project was able to bag various partnerships. Merchants in the block exploring sector, payment gateways, webhosting, entertainment and many more accepted Monero as a mode of payment and with the time the list continues to grow.
It is not just merchants and retailers that are flocking to the privacy coin. Pro-privacy organizations and a number of free and open-source software (FOSS) projects have also incorporated Monero as a mode of payment.
Monero (XMR) statistics
- Monero’s transactions per day increased from 7,000 to 10,000 in the year 2019 – 2020 while the transactions saw a further increase to 23,000 per day in 2021
- Monero’s blockchain grew by 13.34GB in 2021 compared to the 7.41GB growth in 2020
- The year-on-year growth of the blockchain saw a 180% increase; however, the average size of a transaction fell by 13.76% YoY
- Monero’s block subsidy (emission) dropped by 39% from 2020 to 2021
- For the total transactions in 2021, the fees averaged at $0.0003211 while for 2020 the figure was at $0.0003916
Monero (XMR) Technical Analysis
Monero coin’s market sentiment in bearish – in line with the sentiment of the overall market. A majority of the technical indicators are giving out a signal of sell.
A trader had identified a possible future trajectory for XMR coin. Per the trader’s analysis, Monero is expected to be operating on an Elliot wave count. The cryptocurrency is currently under pullbacks but it is expected to soon go upwards to nearly $350.
Long Forecasts projects show that Monero crypto will close the year with a price level of $306 while the price may reach towards $500 in 2022. Digital Coin Price is extremely bullish on the cryptocurrency and expects that Monero will end the year with a price of $447. The five-year projection shows Monero at a price level of $1,258.