The value of crypto Monero is increasing
In the opinion of many analysts, the value of Monero (XMR) crypto can have good growth prospects between now and the end of the year.
In a strongly negative market, the XMR crypto has been one of the absolute outperformers, or perhaps it would be more accurate to say “less worse”. On April 22, the asset had a strong rally that crossed the $250 mark, only to plummet to $160 within a few weeks.
However, in the following months it seems to have consolidated its positions in the $150 area and this may represent a classic case of an accumulation phase before another robust rally.
What is Monero and how has the value of the crypto changed
Monero is a project that was launched in 2014 and the goal is simple: to allow transactions to take place privately and anonymously. It currently ranks as the 27th most capitalized cryptocurrency with approx 2.6 billion dollars.
The first name was BitMonero, later to become simply Monero, which means coin in Esperanto. The identity of most of the developers is also mysterious, and in the past some have even put forward the hypothesis that Satoshi Nakamoto himself, the inventor of Bitcoin, may be behind the project.
It is possible to describe the operation of Monero blockchain in a rather simplified way by the fact that every time an XMR transaction is performed, the wallet of the Monero user performing the transaction forms a kind of ring with the keys of other users that it extracts from the blockchain. To anyone observing, it is impossible to tell which key was used to sign, making the transaction anonymous.
The currency for hackers and criminals
And that is why Monero is also used for criminal purposes and by hackers. A recent report from blockchain analytics firm CipherTrace found how privacy-focused cryptocurrencies such as Monero are playing an increasingly important role in the growing wave of ransomware attacks hitting the crypto sector in the first months of the year, having already made a record number of assaults in 2021.
Monero is recent hard forkwhich makes transactions even more anonymous while improving privacy, experts say could encourage more attempts by hackers and criminals.
For this reason in 2020, the IRS (Internal Revenue Service) offered $1,000,000 to anyone developing a system to track Monero transactions, but no cryptocurrency experts responded to the call with a convincing project.
On the other hand, South African authorities last July issued an international extradition order for one of the coin’s developers and founders Riccardo Spagni for alleged illegal fraud committed in South Africa.
Upcoming bullish trend in sight for the value of crypto Monero?
Then again, this does not affect the coin’s outlook, which is still quite good according to many analysts and experts. The fact that the trend is so sideways, between the support at $135 and the resistance set at $170, suggests that there could be a nice uptrend soon, once the resistance is broken, which could take the stock even above $200.
It is also worth mentioning as a statistic that Monero did not reach its all-time high in November, like almost all cryptocurrencies, but in May when it reached $480. This is to say that Monero can also anticipate the movements of the rest of the market, which according to many experts may have an upward trend in the coming months.
