If you’ve been watching the markets over the past month (which you probably have, otherwise what you doing here?) you may have seen that Monero has been flying up over the past few weeks.
In a falling market that has spread over a number of months now, Monero XMR is up 45% over the past two weeks alone and, has now surpassed a number of rivals sitting in 10th place for market capitalisation according to Coinmarketcap. Monero now sits behind Cardano and just above IOTA in a comfortable tenth place, with no sign of letting up.
At the time of writing, Monero is valued at $138.07, up 12.53%, standing out ahead of its rivals, which at the time are as follows – Cardano is up just 2%, IOTA is up 6%.
What is causing this climb?
There’s not one significant event that has caused Monero to spike, instead, it has simply just been a part of an organic climb for the past few weeks. Today’s figures have been helped along by a sudden positive swing across the markets, but, overall Monero seems to be making most of this progression on its own.
Interestingly, last week an ICO advisor firm, Satis Group, published a report that highlighted a very bullish future for Monero, one that essentially concludes XMR could be up over 38,000% in 10 years time.
When I say very bullish, I mean, ultra bullish. It’s a wild prediction, but it is reinforced with genuine theory, though I will point out at this point that you shouldn’t go and buy a load of Monero based on this alone – do your own further research.
Has this research had an impact? Well, according to Cryptoglobe:
“Notwithstanding the fact that any clear-cut explanations for jumps in cryptocurrency prices are nearly impossible to isolate – it is possible that research published last week by ICO advisory firm Satis Group for Bloomberg, has contributed to the bullishness surrounding XMR. Using what they describe as a “Top Down” approach to valuation (“using the quantity theory of money to deduce the value of crypto-assets needed to support a forecasted economy”) – the research group’s forecasts for Monero are the biggest by some way – with estimated one-year gains over 1336%, and a 10-year forecast of XMR hitting nearly $40,000 – a projected gain of over 38,000%.”
It seems so, right?
Overall, Monero has had a very positive few weeks. This won’t last forever, soon enough the market trend will take back hold of XMR, but, in the meantime enjoy the return this current spike is bringing you.
Hey, if in 10 years time, XMR is up 38,000%, i’ll eat my hat, how’s about that?
References
