Chart for XMR/USD (1W)
Monero (XMR) is almost as old as Bitcoin (BTC) but this project failed to receive the attention it deserved during the early days. This is because blockchain became so hot an industry that everything else faded away in comparison. A lot of cryptocurrencies came into existence that had no use case other than being just a blockchain and still succeeded in raising millions of dollars through ICOs. Projects like Monero (XMR) with actual use cases applicable not just to the blockchain but outside the blockchain industry have recently started to gain attention as more and more people realize that blockchain is not the hottest thing anymore.
So, what are the hottest sectors then if not blockchain? Well, blockchain is more like the internet as it serves as a platform on which people can build businesses, performs tasks, exchange information, etc. Now, business across the globe will eventually turn to blockchain to buy, sell, exchange information, keep records etc. However, this comes with a series of problems, the biggest of which is privacy. Blockchain is an open book which is available to anyone anywhere in the world and the data recorded on it cannot be deleted or altered. First of all, large corporations will never transition to blockchain if that means sharing their data with the rest of the world. This leaves a big gap between blockchain and corporate adoption. That’s where Monero (XMR) and other privacy coins and solutions come in.
Monero (XMR) has seen a lot of interest over the past few weeks as the coin is seen as the face of the privacy revolution that is coming up, just after the current blockchain revolution. Privacy is not just a concern associated with blockchain. In fact, people across the globe have often found themselves being the subject of thefts, hack as well as blackmail as their data is stolen from large corporations. A blockchain with privacy solutions might resolve such serious issues for good. Monero (XMR) is a leader in this space given its superior, time tested technology.
Monero (XMR) has performed well against the US Dollar for now but the cryptocurrency has not seen any exuberant rallies like Litecoin (LTC) or Ethereum (ETH). On the very contrary, Monero (XMR) has been a dead coin to many investors until now. Only a select number of investors who understand the tech behind the project or actually use Monero (XMR) were its sole investors.
However, things are changing soon as the need for privacy is increasingly felt among the crypto community. The above weekly chart for XMR/BTC shows that Monero (XMR) has already broken its downtrend against Bitcoin (BTC) and is now on the verge of a trend reversal. Monero (XMR) has so far respected a trend line that goes back to early 2017. The last time Monero (XMR) broke downtrend resistance against Bitcoin BTC) was back in late 2017 just before the big market rally. Monero (XMR) broke the downtrend with a big green candle but after then traded in a turbulent manner which demonstrated a lack of interest. However, this time around a lot of things have changed and the upcoming privacy revolution might just make Monero (XMR) the next big thing.