Monero

Monero Price Data

The live Monero price today is $118.270 with a 24-hour trading volume of $44,315,019.

We update our XMR to USD price in real-time. The price of Monero has changed 0.7% in the last 24 hours.

Currently, Monero is the #53 largest cryptocurrency by market cap, with a live market cap of $2,145,676,985.00. It has a circulating supply of 18,147,820 XMR coins but the maximum supply is not available.

See where to buy Monero or use our Monero Profit Calculator to calculate and track the performance of your investment.

What is Monero?

Monero is the world’s leading cryptocurrency supporting private monetary transactions. Unlike other blockchains, Monero’s blockchain is not openly readable.

Cryptocurrencies such as Bitcoin and Ethereum are based on the transparency of the blockchain, where every transaction can be traced and verified afterward.

Monero, on the other hand, protects the identity of every user by default, making every transaction in the blockchain anonymous by default.

What Determines the price of Monero (XMR)?

The value of Monero is based on the demand for it. The price of Monero, like many other cryptocurrencies, is determined by demand and supply.

Demand for Monero is influenced by a number of factors:

• General market sentiment: Monero is susceptible to bullish and bearish sentiments in the crypto market. 
• News related to cryptocurrencies and Monero: News about cryptocurrencies in general or about Monero in particular is often reflected in Monero’s price performance.
• Legislative developments: Several governments and agencies are taking steps to restrict, control or promote the use of cryptocurrencies in various situations.

Monero (XMR) price forecast?

Monero is one of the cryptocurrencies with the best privacy protection. It also has a large following.

However, the price of Monero has historically followed the overall evolution of the crypto market, which is influenced by a number of factors.

No one knows exactly what the price of Monero will be in the future, but we have listed below some predictions made by experts in the field:

Monero (XMR) Price History 

Monero was launched back in 2014, so the cryptocurrency has been around for a long time.

Throughout Monero’s history, the crypto market has experienced several ups and downs, with the price of Monero fluctuating in accordance with general market conditions.

Below are some highlights of Monero’s price performance:

How Monero works

Like Bitcoin and many other cryptocurrencies, Monero is based on a proof of work (PoW) model.

The proof of work model is based on a distributed network of cryptocurrency miners who donate their computing power to the blockchain.

In mining, computers verify blockchain events by solving mathematical problems. The computing power used by the miners on the Monero network is rewarded with block rewards.

Many proof-of-work cryptocurrencies are now mined on specially optimized ASICs. However, Monero’s RandomX algorithm doesn’t require the use of special computers. 

In this way, Monero supports the construction of a truly decentralized network, where extraction is not just concentrated on the big players.

What is Monero used for?

The primary purpose of Monero is to serve as a cryptocurrency with strong privacy protection.

A truly decentralized network, combined with efficient and fast processing of transfers, makes it a viable payment instrument.

Monero has been tagged as the currency of choice for illegal trading sites on the dark web. However, this does not make the currency itself illegal or questionable.

Who are the Founders of Monero?

Monero was originally created by a person or persons using the pseudonym the nickname thankful_for_today as BitMonero on the bitcointalk.org forum. 

However, he soon disappeared from the development team due to his controversial views. Eventually, the community that formed around the project took over and changed the name to Monero.

Monero’s core team is a closed development team, which is not accessible without a special invitation. The core team is independent and receives no financial compensation for its work.

In addition to Monero’s core team, programmers from the community are also heavily involved in development. Monero has a number of open working groups. 

What makes Monero unique?

Monero, arguably, offers the best privacy protection, in the crypto industry. 

However, the high level of privacy and full anonymity of the cryptocurrency has given it bad branding in certain circles.

Many lawmakers and crypto brokers have expressed concerns about the potential abuse of cryptocurrency under the guise of anonymity.

Monero has even been delisted by some crypto brokers, such as Kraken, for the above reason. However, a good number of crypto exchanges still list Monero.

Specific features of Monero’s uniqueness include:

• Monero cannot be traced: It is technically impossible to trace transfers made with an XMR token on the Monero network. Blockchain transfers are not transparent and the sender of the transfer is not known except to the recipient.
• Transfers cannot be linked to individual wallets: Transfers on the Monero network cannot be linked to individual wallets or users. It is impossible to link a transfer on the blockchain to the parties connected to it, nor is it possible for outsiders to see information about the transfer.
• The size of the transfers is not clear to outsiders: Unlike open blockchain cryptocurrencies like Ethereum and Bitcoin, Monero’s transfers are not accessible to outsiders. This makes it impossible to monitor money transactions within the blockchain.

Monero is built from the ground up to be a private and secure way to transfer funds, even at the protocol level.

This differs from other cryptocurrencies, which only allow anonymous transfers as an optional feature.

Monero uses a number of different technologies to encrypt its network, including:

• Encrypted addresses – Stealth addresses: Encrypted addresses are single-use public addresses that make blockchain transfers untraceable to the parties involved in the transfer.
  For each transfer in the blockchain, a new one-time address is created to which the XMR tokens are sent. The recipient of the transfer receives a private key that allows access to the funds received.

• RingCT: RingCT, or Ring Confidential Transaction, is a two-part method for encrypting transactions on the Monero network. The first part uses the MLSAG technique to mask the origin, volume, and destination of the transfer.
  The second part uses a cryptographic algorithm (Pedersen commitment) that allows only the original sender and recipient of the transfer to see the amount transferred but still allows the transfer to be verified.

AuthorAbraham Jimoh

Abraham is a savvy financial analyst, trader, and writer, leveraging a Google certification in data analytics alongside a Bachelor's degree in Economics to navigate and excel in the dynamic landscape of finance. Abraham boasts exceptional analytical skills and market research prowess, evidenced by a remarkable three-month winning streak trading bitcoin futures without a single loss, earning him recognition on Binance USD-M crypto futures' top 200 weekly charts. Currently serving as the Assisting Country Manager for Financer US, Abraham combines practical expertise with a passion for demystifying finance.

Share on