Introduction
The cryptocurrency market is brimming with digital currencies, each having its own set of characteristics. Monero is one of the top-rated cryptocurrencies in the market. Investors are buying large volumes of Monero coins (XMR) to increase their profits from Monero’s volatile market movements. Almost every Monero price forecast predicts a stellar growth for XMR prices in the coming months. Therefore, people are eager to know where to buy Monero and which cryptocurrency exchanges offer XMR at the best rates.
Overview Monero
Before buying Monero, it is essential to understand what this cryptocurrency is. Unlike many other cryptocurrencies, Monero is a privacy-centric cryptocurrency. It was officially released in 2014 as an open-source protocol. Monero is built on the CryptoNote technology, which is used as an application layer for decentralized apps (dApps).
XMR coins are used on the public ledger. However, these transactions are not visible to an outside observer. Monero primarily works on a proof-of-work algorithm, with which you can issue new coins by incentivizing miners and securing valid network-based transactions on the Monero blockchain.
History of Monero
For deriving a reliable XMR price prediction, cryptocurrency experts study the history of the coin. Monero’s history dates back two years before its official launch. Some developers in Germany developed Bytecoin, an alternative to Bitcoin, in the summer of 2012. This digital currency was pioneered with the use of CryptoNote technology. However, due to privacy-based issues, Bytecoin was transformed into an anonymous cryptocurrency, later identified as Monero.
Growth of Monero in Price So Far
Today, Monero is a hot cryptocurrency in the market. Most investors are looking for crypto exchanges to buy Monero at the lowest prices. There is a consistent positivity reflected in every Monero price forecast made by market experts. However, the growth of Monero prices has been quite a roller-coaster ride so far.
The transaction history of XMR tells that the cryptocurrency has grown by 154% in the past two years. However, the confidential XMR transactions have not been tracked to measure the quantitative price growth of XMR coins. Even so, the all-time high for XMR has been $542.33.
Top 3 Exchanges to Buy Monero
There are three popular cryptocurrency exchanges for buying Monero in 2021.
- Changelly: It is a crypto exchange-cum-crypto wallet that helps users buy XMR coins for the first time. Changelly is currently one of the most accessible digital platforms to buy Monero coins.
- ChangenNOW: It is a crypto exchange platform designed for instant transactions. In this exchange, buying XMR currency does not require any registration, which is a massive advantage for staying anonymous.
- Binance: It is the world’s biggest cryptocurrency exchange and has accounted for buying Monero worth millions of dollars. The exchange, however, is quite busy. Investors can buy Monero on Binance by trading currency pairs such as XMR/BTC and XMR/ETH.
Experts Discussion on Monero Price Ups and Downs
Crypto market experts, who develop a Monero price forecast, have predicted strong growth for the XMR coin under most market situations. When these experts discuss the upsurges of the pitfalls in Monero prices, they talk about two things:
- The growing popularity: Monero is the most private cryptocurrency, and most investors buy it for its anonymity features. Even on public blockchains, it is impossible to trace XMR transactions.
- An uptake for dark market currencies: Several traders have established a dark market for cryptocurrencies. In this market, Monero is actively traded for its privacy use case. However, its growth in the dark markets does not impact its substantial price growth in the real market.
Based on these two factors, Monero experiences multiple ups and downs during its price movements with time. Check out CryptoNewsZ.com to get detailed analysis and experts’ price prediction of Monero.
Future of Monero Coin
A recent Monero price forecast predicts that the financial market will witness XMR outperforming more than 100 cryptocurrencies in the next five years. According to this forecast, the price of XMR may touch $554-$638 in 2021. Towards the end of 2021 and by mid-2022, the XMR price may fall in the $810- $945 bracket. The future price of Monero assets will witness a 21.767% yearly growth. This forecast also highlights that by investing $100 in XMR, this investment could touch $121.767 by the end of this year.
Conclusion
Currently, the price of XMR stands at $421. However, with the changing volumes of Monero trades, the price of this cryptocurrency may differ from exchange to exchange. Fortunately, the above cryptocurrency exchanges consider every significant Monero price forecast to provide a reasonable price on XMR trades and purchases.