Despite the strain on the ecosystem, we believe next year will be a turnaround for Monero with a unique upside for the coin by year-end.
Dear readers, welcome to another episode of the Coinspeaker Advent Calendar as we plunge into the Monero (XMR) ecosystem and what it holds for the average investor in the coming year.
The Monero Ideology
As we have done for the better part of this Advent Series, we dive into what a particular asset class stands for, its basic fundamentals, and prospects. These details then inform the future prediction of the digital currency, coming off as basic research and insight that can aid investors in picking the right crypto to invest in in the coming year.
Monero came into the limelight in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. When Monero came into the limelight, it rewrote the entire narrative surrounding the pseudo-anonymity construct that Bitcoin (BTC) introduced.
With Monero, users can have a truly shielded transaction record, safeguarding them from third parties which may include hackers, and regulators as the case may be.
With the events that have engulfed the broader crypto ecosystem over the past year, the scrutiny of Monero as a privacy coin and others in its niche has grown remarkably over the past years. Regulators believe that the use of the XMR coin in illicit transactions is growing and as such, are bringing in tighter regulations to tame their further uses.
Innovative as the coin is, many trading platforms are delisting Monero in order to stay compliant with local laws, a trend that has both stirred the publicity for the coin and also tapered its accessibility.
Monero is a controversial coin, but the fact that it offers unique protection has kept it relevant to thousands of holders around the world. At the moment, Monero is on the watchlist of over 319,000 people according to data from CoinMarketCap.
Monero Price Prediction 2023
Just like other regular digital currencies, Monero was faced with a remarkable price plunge this year. While it is rarely used in Decentralized Finance (DeFi) and other regular crypto financing models, Monero was strained to its boundaries, dropping as low as $97.23 over the past 12 months.
The 1-year XMR-USD chart as seen on CoinMarketCap is shown below.
As seen, Monero has seen a number of great days this year as its price peaked around April at more than $280 per coin. The implosions of Celsius Network, Voyager Digital, and Three Arrows Capital (3AC) dampened the sentiment in the industry and this dragged down the price of Monero. The price, though still in a loss, Monero price has crested and is experiencing a ranging trend now with its price pegged at $144.37.
As we journey into 2023, these are the price estimates for Monero for each month of the year:
- January: $146
- February: $150
- March: $150.5
- April: $155
- May: $148
- June: $157
- July: $166
- August: $170
- September: $168
- October: $185
- November: $187
- December: $190
Despite the strain on the ecosystem, we believe next year will be a turnaround for Monero with a unique upside for the coin by year-end.
Stay tuned on this timeline for more insightful episodes of the Coinspeaker Advent Calendar Series.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
