Monero price forecast: can XMR hit $200 by the end of March?

Monero XMR/USD is a secure, private, and untraceable cryptocurrency intended to keep any user’s money confidential. 

It is an open-source cryptocurrency that was initially launched in 2014, and its blockchain is opaque, which makes transaction details anonymous by disguising the addresses used by the participants.

Monero’s privacy and usage as catalysts for growth

On January 18, we covered Monero’s price prediction after the token crashed by over 60% from its highest level in 2021. 

Monero, as a cryptocurrency, was developed to provide a high level of privacy to its users. For this reason, specifically, it has become the most popular network across investors that prefer anonymity.

In terms of trading, the cryptocurrency’s average daily trading volume is around $139 million, which indicates that there is genuine usage of XMR as a token.

Furthermore, Monero is currently ranked 43 in terms of overall market capitalization, which puts it in the class of top 50 cryptocurrencies that you can buy. 

The token achieved its all-time high value at $542.33, which also gives us an indication that there is room for growth for the XMR token going forward, and $200 is just the first price barrier that the token needs to break in order to climb back up.

Should you buy Monero (XMR)?

On March 3, 2022, Monero (XMR) had a value of $176.49.

As a means of seeing what this value point actually means for the XMR cryptocurrency token, we will be going over it’s all-time high point of value, alongside the performance the token showcased throughout the previous month.

The all-time high value of the Monero (XMR) token was on January 9, 2018, when the token reached a value of $542.33. Here we can see that, at its ATH, the token was $365.84 higher in value or by 207%.

Discussing the token’s value last month, Monero (XMR) had its highest point of value on February 10 at $187.07, while its lowest point was on February 24, when it decreased to $134.58.

This marked a decrease in the value of the token, $52.49 or by 28%. However, from February 24 to March 3, the token saw an increase in value of $41.91 or by 31%.

With this in mind, we can expect Monero (XMR) to reach a value of $200 by the end of March, making it a solid token to buy.

The post Monero price forecast: can XMR hit $200 by the end of March? appeared first on Invezz.