Monero ‘s 2021 is progressing smoothly as XMR holders are used to expect from the world’s oldest private currency. Overall, the price of XMR has maintained steady growth so far this year and has increased by 405% over the past 12 months.
Over the past week, however, XMR’s price has taken a step back and followed the macro trend.
The macro scenario is mainly driven by Bitcoin, which is currently in its second deeper retracement of what is still a bull market by every technical observation.
Monero’s price (XMR)
XMR’s 24-hour LOW is $ 328.37 and HIGH $ 358.84. XMR closed the daily candle on Tuesday at $ 341.87.
Despite the barrier to entry that privacy coins face due to the few listings on exchanges, XMR continued with hundreds of millions in daily volume during this bull market.
At the time of writing, XMR has made $ 289.187 million in volume in the past 24 hours and has a market cap of $ 6.1 billion.
Monero is up + 28.2% in the past 90 days at the time of writing and is down 29.89% since its peak [$ 484.96] of this bull market.
XMR’s all-time high of $ 542.33 is from the previous 2017 bull market . Monero will have to increase 37% from its current price to attempt to break out of the previous ATH; furthermore, this would be the last upper resistance on the chart before the discovery of the price.
With so much uncertainty around the world – from rampant money printing to geopolitical conflicts in many regions, the anarchist crypto community has been betting heavily on older private money.
Adoption of Monero
Monero was launched in 2014 and while there are other privacy coins with arguably much better technology today, XMR has remained the manifesto of private transactions all along in the blockchain industry.
However, it’s not just anarchist crypto who find Monero useful, there are now 973 merchants accepting XMR , which is more than 800 merchants accepting XMR today compared to just 3 years ago.
Competition from XMR
With far better technology and many more developers working on that technology today, it will be interesting to see how XMR holds up against other projects moving into this decade.
If there ever comes a time when private coins need to scale to handle excessive throughput, we could see a project based on MimbleWimble code emerge as a true competitor. There are already a number of competitors using technology provided by a pseudonymous creator known as Tom Elvis Jedusor, who was Voldemort’s real name in French Harry Potter.
It is currently difficult to argue that Monero does not have a dominant position on private currencies by market volume. The second currency to protect the market volume for privacy is the semi-private Dash, the market volume of Dash is almost half of the XMR a $ 3.1 billion market volume.