The past few weeks have been another difficult period in what has become a year of struggle for the vast majority of cryptocurrencies. Bitcoin, Ethereum, and other significant coins have all taken another downward turn with most lesser-known coins following suit, only with far smaller values involved. But while the industry as a whole has plummeted once more, one cryptocurrency has performed exceptionally well in the face of adversity. Monero is on the rise.
While most major coins have seen dips of around 10% in recent days, Monero has seen its value improve by almost half over a two-week period and is now comfortably back into the three-figure value. This has resulted in a lot of renewed excitement surrounding the crypto coin.
Here’s all you need to know about its recent activity as well as the forecasts for its future performance compared to other cryptos.
What Is Monero?
Monero is an open-source cryptocurrency that was launched in 2014. Its code is XMR, and there is a current circulation of 16.3 million coins. Given its price per coin, Monero boasts one of the highest market caps of any cryptocurrency at close to $2bn.
The cryptocurrency enjoyed its highest peak towards the end of 2017 and very early parts of 2018, reaching a high of over $494 on January 5. However, as was the case with most cryptocurrencies, XMR did take a major hit throughout the early months of 2018 before seeing a recovery.
But while others have started to falter once more, Monero has bucked the trend.
Why Is The Climb So Impressive?
Despite the loss in recent days for major cryptos, the MVIS CryptoCompare Digital Assets 25 Index shows that the largest and most liquid coins have climbed by 17% over the two-week period. Even with those far more impressive stats, Monero stands out as being ahead of the curve thanks to inflation of almost three times that average.
While pinpointing the reason behind the surge of any cryptocurrency is virtually impossible, Bloomberg’s recent advice (provided by Satis Group) could be behind the boom. The research predicted that a 10-year gain of 38,000% will see XMR soar to over $40,000. This data will have almost certainly encouraged some investors to act while the trend of an upward curve will always win over others that haven’t even analyzed the market.
With one-year gains of 1336% also being forecast, it’s very possible that XMR may end 2018 with a return the heights (or even better) reached at the very start of the year. Very few cryptos can realistically match that claim right now, even if Q4 is kind. This makes Monero one of the most intriguing prospects for any crypto investor at this current moment.
Is It Time To Act?
The Monero climb has hit the breaks for now, and may even regress slightly towards the mean. With further bullish behaviour expected over the coming weeks and months, investors will undoubtedly want to consider their next steps carefully. There may not be time to waste.