Despite the strain on the ecosystem, we believe next year will be a trend reversal for Monero with a unique upside for the coin by the end of the year.
Dear readers, welcome to another installment of the Coinspeaker Advent Calendar as we dive into the Monero (XMR) ecosystem and what it has in store for the average investor in the year to come.
The Monero ideology
As we’ve done for most of this Advent series, we dive into what a particular asset class stands for, its fundamental fundamentals and prospects. These details then inform the future prognosis of the digital currency, turning out to be basic research and insight that can help investors choose the right crypto to invest in in the coming year.
Monero burst into the limelight in 2014 and its goal is simple: to make transactions private and anonymous. When Monero came into the limelight, it rewrote the entire narrative surrounding the pseudo-anonymity construct introduced by Bitcoin (BTC).
With Monero, users can have a truly shielded transaction record, protecting them from third parties which may include hackers and regulators where appropriate.
With events engulfing the broader crypto ecosystem over the past year, scrutiny of Monero as a privacy coin and others in its niche has increased remarkably in recent years. Regulators believe that the use of the XMR coin in illicit transactions is increasing, so they are introducing stricter regulations to tame its further use.
As innovative as the coin is, many trading platforms are delisting Monero to comply with local laws, a trend that has both increased the coin’s prominence and limited its accessibility.
Monero is a controversial coin, but the fact that it offers unique protection has made it relevant to thousands of holders around the world. According to data from CoinMarketCap, Monero is currently on the watch list of over 319,000 people.
Monero Price Prediction 2023
Just like other regular digital currencies, Monero has faced a notable drop in price this year. While rarely used in Decentralized Finance (DeFi) and other regular crypto funding models, Monero has been stretched to the limit, falling as low as $97.23 over the past 12 months.
The 1-year XMR-USD chart as seen on CoinMarketCap is shown below.
As we have seen, Monero has had a number of great days this year, with its price peaking at more than $280 per coin in April. The Celsius Network, Voyager Digital and Three Arrows Capital (3AC) implosions dampened industry sentiment and this dragged Monero’s price down. Although the price is still in the red, the Monero price has peaked and is now experiencing a widespread trend with its price at $144.37.
As we journey into 2023, these are the Monero price estimates 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 trend reversal for Monero with a unique upside for the coin by the end of the year.
Stay tuned to this timeline for more insightful episodes of the Coinspeaker Advent Calendar series.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a sports and farming enthusiast.
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