What Is Monero?
Monero is an open-source cryptocurrency much like Bitcoin. Its standout features are that it is secure, fungible, and private. Perhaps its most significant characteristic is that it is entirely untraceable.
The Monero price can be calculated te a number of ways but Monero to USD and Monero to BTC are very likely the most popular. Te USD terms, the Monero price is presently valued at around $87.50 and spil a standalone price, it doesn’t fairly capture the volatility te this cryptocurrency or its spectacle. On January 1, 2016, 1 Monero could be acquired for spil little spil $0.47, and te August 2018, it kasstuk a high of $154.58. A 32,789.36% come back is the type of vertoning that wishes are made of.
How to Buy Monero
Ter order to purchase Monero, a wallet is required. Since Monero is open source, a wallet can be created on numerous platforms ranging from “Windows,” “Mac,” and “Linux.” I am only naming a few platforms and there are many more options available.
Once a wallet has bot established, Monero can be acquired by purchasing it from an applicable exchange that deals ter cryptocurrencies. Monero can also be acquired from other people, or for those inclined, this cryptocurrency can also be mined.
What Is Monero Mining?
Before I delve into mining, wij vereiste very first understand what a blockchain is. A blockchain is a decentralized digital ledger that is used to record transactions, which are at the same time recorded on a network of computers. Thesis transactions can be viewed but they cannot be altered, which means that they cannot be counterfeited.
Cryptocurrency mining is the process of using computing power to create and sustain this network, which is used to both verify the transactions and record them. Ter comeback for providing computing power to the network, you are rewarded with fractional amounts of Monero coins.
Monero Price Prediction
Predicting the value of a currency is a difficult task, but considering that I am a technical analyst who uses price charts to forecast where price is heading, this is surely ter my wheelhouse. So perhaps I can provide some insight on where I believe this cryptocurrency is heading.
After all, I wasgoed the one who predicted te January of this year that Bitcoin wasgoed going to lightly surpass the $Four,000 mark when it wasgoed trading at $1,000. This prediction can be found te the report titled “The Bitcoin Price Bubble Is Far from Over” that wasgoed published on January Five, 2018.
The following Monero price chart illustrates the price activity for this fiscal year.
This Monero price chart is an incredible example of a bullish trend te development. It contains the quintessential characteristic that defines all bullish trends, which is a series of higher highs and higher lows. This “two steps forward, one step back” price act created a stair-step structure that moved the price of this cryptocurrency from $0.47 to an all-time high of $154.58.
I have highlighted the 200-day moving average on the Monero price chart. This moving average is created by averaging this cryptocurrency’s closing price overheen the past 200 days and plotting that value on the price chart. The 200-day moving average is a popular implement used by traders and investment professionals because it acts spil a dividing line that separates bullish investments from bearish ones.
Deciphering inbetween thesis two polar opposites is spil plain spil pinpointing which side of the 200-day moving average the cryptocurrency is trading on. Trading above it is a bullish indication suggesting that higher prices are ter development, while trading below it is a bearish indication suggesting that lower prices are te development.
Earlier this year, Monero broke away from the 200-day moving average and it has bot trading above it on a consistent fundament. Aside from just suggesting that Monero price predictions are bullish and that higher prices are te development, this moving average has also acted spil a level of price support. Each and every time Monero has approached and tested the moving average by touching it, buyers have bot more than willing to hop ter to support this metric.
I can securely say that spil long spil Monero is trading north of the 200-day moving average, higher prices will prevail. If I were to waterput a guesstimate on a potential price objective, I would point out that on the next run towards higher prices, if one does occur, this cryptocurrency will lightly surpass $220.00.
Given the chance, I would wait for Monero to treatment the influential 200-day moving average before assuming a position te this cryptocurrency because it would minimize my risk when setting up an applicable trading strategy.
Monero vs Litecoin
Spil the title suggests, which cryptocurrency presently presents a better chance?
I personally choose Monero overheen Litecoin for a number of reasons.
Monero is downright untraceable, which te itself is a standout characteristic. Monero has outperformed Litecoin on both a relative and absolute fundament. Since January 1, 2016, Litecoin is up 1,348.73%, while Monero is up 15,749.7%.
The 200-day moving average has done a better job at defining the bullish trend ter Monero versus Litecoin, and therefore Monero is a better candidate for a bullish trading strategy.
Comparing the market cap and circulating supply of thesis two cryptocurrencies completes up favoring Monero once again. Litecoin has a market cap of $Two.82 billion with a circuiting supply of 53.34 million coins, while Monero has a market cap of $1.33 billion and a circulating supply of 15.21 million coins. The lower market cap leaves more slagroom for appreciation, while the lower circulating supply suggests that larger gains are possible if a buying madness does ensue.
Analyst Take – Should You Invest?
I am not a thick voorstander of cryptocurrencies and I have voiced my concerns with thesis instruments, but that does not mean that there isn’t money to be made te this high-flying sector. If I had to choose among a number of cryptocurrencies to play, Monero would be on the top of that list because I have the inclination to believe that higher prices will prevail with the caveat that it resumes to trade above its 200-day moving average. When the day comes that it falls below this metric, I will have all the reason to believe that the hype surrounding this cryptocurrency has eventually concluded.