Key Takeaways

• Monero’s XMR coin outperformed the market in 2022, but has not been able to avoid the downturn following the United States Securities and Exchange Commission’s crackdown on exchanges.
• The coin’s privacy features have attracted controversy, with it being accused of facilitating money laundering.
• Monero is still popular, but can it overcome a tighter regulatory environment?

 

The overall crypto market struggled in June 2023. The news that the United States Securities and Exchange Commission (SEC) was to sue the Binance and Coinbase exchanges for, among other things, selling unregistered securities, hit coins and tokens across the board.

This included cryptos that the SEC did not even name and even some cryptos which were not even offered by the two exchanges. This included Monero (XMR), which had, not long before, been removed  from Binance’s European operations. 

XMR has been no stranger to controversy, with it being accused of facilitating money laundering and terrorist financing, but what is Monero (XMR)?

How does Monero work? Let’s take a look and see what we can find out, and also look at some of the Monero price predictions that were made on 19 June 2023, too. 

 

Monero (XMR) Explained

One of the biggest selling points of crypto is its private nature. The idea is that the blockchain was designed to help users carry out their business in private.

However, there have been some concerns that, with a bit of detective work, people can track down who owns what address.

Monero  is designed to address these concerns. The blockchain, which was formed as a spin-off from the Bytecoin network in 2014, uses techniques that mean that no one can tell where a transaction has originated from or where it is being sent to.

While the system’s advocates argue that it is doing nothing wrong, Monero has been accused of facilitating money laundering and helping fund terrorist activity. 

The blockchain is supported by the XMR coin and is based on the CryptoNote whitepaper, published by the pseudonymous author Nicolas van Saberhagen in 2013. 

 

How Monero Works

Monero uses a Proof-of-Work consensus mechanism, which means people have to solve increasingly complex mathematical equations to add blocks to the blockchain and earn rewards.

The system uses “one-time ring signatures” to make sure that transactions remain untraceable. Stealth addresses allow users to set up one-off wallet address which, again, stop transactions being traced. 

With features like these, it is perhaps little surprise that the authorities have raised their concerns about XMR and that some of the largest centralized crypto exchanges, such as Coinbase, do not list it. 

XMR itself is used to pay for transactions on the platform and is used to reward the system’s miners. It can also be bought, sold and traded on some exchanges although, as we have said, some exchanges do not offer it, citing legal concerns. 

 

XMR Price History

It’s now time to take a look at some of the Monero price history . It is important to remember that past performance is no indication of future results, but knowing what the coin has done in the past can give us some helpful context when it comes to either making or interpreting a Monero price prediction. 

When Monero first came onto the open market in 2014, it was worth about $1.58. It did not do terribly much in its first couple of years but, in late December 2016, it broke past the $10 mark.

About a year later, as the market was experiencing a bubble, it topped $475, but when the bubble burst and the market entered a so-called crypto winter, it fell, dropping below $100 in late 2018 and staying there for the next two years or so.

Things picked up again in early 2021, as the market experienced a significant bull run and XMR reached an all-time high of $517.62 on 7 May.

Things cooled down significantly after that and Monero, along with most of the rest of the crypto market, lost out over the summer. There was something of a recovery later on in the year, though, but it closed the year at $228.82.

In 2022, Monero performed badly but was still far from one of the worst-performing cryptos. The coin struggled as the crypto market suffered a series of crashes. In June, it fell below $100 for the first time in nearly two years, but August’s news that it would undergo a hard fork meant that it would recover to $174.11.

After that, though, the collapse of the FTX exchange in November saw it close the year at $147.28. Interestingly, while this represented an annual loss of 35%, it means that it had outperformed the market, which had dropped by more than 60%, across 2022. 

So far, 2023 has proven to be something of a mixed bag for the coin. It reached a peak of $186.73 on 30 January, but has dropped since then and, on 19 June, it was worth about $137.50.

At that time, there were 18,293,994 XMR in circulation, representing the total supply. This gave the coin a market cap of about $2.5 billion, making it the 25th largest crypto by that metric. 

Monero Price Analysis

Monero was hit by the news of the SEC’s lawsuits. On 5 June it traded at a high of $148.53, but it dropped nearly 15% over the next five days to a low of $127.87.

Although it has since recovered by 7.5%, it is still down 7.4% from pre-crash levels and has lost 6.6% since the start of the year. 

 

Monero Coin Price Prediction 

With that all said and done, let’s take a look at some of the Monero price predictions that were being made as of 19 June 2023. Remember that price forecasts very often turn out to be wrong, and that prices can, and do, go down as well as up.

Also, keep in mind that longer-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex  made a short-term Monero price prediction for 2023 that said that the coin would fall to $135.10 by 24 June before recovering to $148.54 by 20 July. The site’s technical analysis was bearish, with 17 indicators sending downbeat signals compared to 12 making bullish ones. 

Monero Forecast for 2023

In terms of what other sites had to say about an XMR price prediction for this year, CaptainAltCoin  was the most pessimistic, saying it would fall to $99.63 by August and close the year having made a small recovery to $124.58 by the end of the year. DigitalCoinPrice , on the other hand, said it could reach $290 and Bitnation  suggested it could trade at $206.23. 

Monero Forecast for 2025

When it came to making a Monero price prediction for 2025, CaptainAltCoin was the most bullish, saying it would stand at $572.99. Bitnation said it would reach $481.19 in two years’ time, while DigitalCoinPrice argued it would be worth $462.27.

Monero Forecast for 2030

In terms of a more long-term Monero price prediction for 2023, the general consensus was that it would be worth more than $1,000 by the start of the next decade.

Bitnation said it would be worth $1,168.61, while DigitalCoinPrice argued that it would stand at $1,424.15 and CaptainAltCoin said it would trade at $1,432.27.

 

Is Monero a Good Investment?

Monero’s XMR crypto has been the subject of a lot of scepticism. Concerns surrounding it facilitating illegal activities has seen it made unavailable from some major exchanges and, to some people, it might look like the only reason someone might buy the coin is to take part in something that is not entirely within the law which could have implications when we consider the ongoing crackdown on crypto.

On the other hand, the coin has performed comparatively well over a time period where the market has tumbled. As always, it is vital that you do your own research. 

Will Monero go up or down?

No one can really tell right now. While the price forecasts are, at least in the longer-term, bullish, price predictions are known for being wrong. Remember, too, that prices can, and do, go down as well as up. 

Should I invest in Monero?

Before you decide whether or not to invest in Monero, you will have to do your own research, not only on XMR but on other, similar, coins and tokens, such as ZCash and DASH.

Ultimately, though, this is a decision you will have to make for yourself. Before you do so, it is vital that you never invest more money than you can afford to lose. 

FAQs 

How many Monero are there?

As of 19 June 2023, there were 18,293,994 XMR in circulation, representing the total supply.

Can Monero reach $1,000?

Price prediction sites think it can happen by 2030 at the latest, with DigitalCoinPrice saying it could reach four figures a year earlier.

However, price predictions are very often wrong and it is worth noting that the best ever XMR price, reached in May 2021, was a little more than half that.

What is Monero used for?

Monero’s XMR coin is used to facilitate transactions on the Monero blockchain, and is also given to the system’s crypto miners. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.