To close last week market situation we will take a look at Monero prices, notable past and upcoming events and the influence of Bitcoin on the whole market.
Monero is a privacy-focused cryptocurrency, which can offer actual and full anonymity. This is a feature, that many people look for in the decentralized world, that’s why it has gained a significant popularity. Starting at only $2 in 2014, it managed to hit almost $500 during all time highs.
Bitcoin’s influence on market
Any recent falls in most of altcoins value should be linked to the bitcoin price. After a rather positively looking run, which managed to fluctuate above the $9000 mark, there was a rather sudden and rapid fall from $9360 to around $8260, which happened within 2 days. Many people link this sudden fall to the MT.Gox situation and the allegations of their Trustee dumping huge amounts of bitcoins. As someone has moved almost 8200BTC from their cold storages. Apart from this, there were no other significant negative news.
When it comes to Monero, the most significant news which can currently impact the price is the fork, which happened a month ago. While monero forks are relatively frequent and shouldn’t be consider as big event as it was in the bitcoin’s case, the current upgrade introduces a new algorithm which aims to protect the network from the emergence of ASIC mining hardware. The new upgrade will also increase monero’s ring size from 5 to 7, in order to improve the privacy features, and protect against a deanonymization vector introduced by a moneroV, which is a current competition.
Price Movement Analysis
Looking at the Monero price charts from the last two weeks, we can see that the $200 mark is confidently reached and can be safely assume current starting point of future growths. The notable fall which happened in last days is directly connected to the bitcoin situation and a lowest point of $192 is a very positive mark.
Monero is confidently fluctuating around $200 and it would take a strong market crash to bring it lower than $150. Therefore, it is easy to expect it swerve from $180 in bad times to even $280 with a positively looking market. When it comes to the sole technology and future prediction, many people consider anonymity a strong feature and with the lack of privacy in today’s world, it will most likely be greatly demanded. It managed to hit almost $500 at one point and it can be a safe bet, that one day it will reach it again. The technology itself at the current stage, can make the coin worth even $750.
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