Monero Price Analysis: Will The Development Team Be Able to Overcome the Scalability Issue?

• Monero and Arweave to Validate New Proof-of-Work Algorithm.

Recently, the Monero (XMR) team announced for the phasing out of long payment IDs. These IDs are detrimental to privacy and a source of negative user experience. The team further recommended to the services an upgrade to sub-addresses as soon as possible. This can be seen as a positive step from developers in order to enhance the scalability.

XMR/USD 3 Month Price Chart – TradingView

Monero Price Statistics:

• On June 06, at 11:35 UTC, the price of Monero (XMR) was trading at 86.470 USD.
• Monero against BTC, at the same time, was around 0.01100434 BTC per chip.
• With an ROI of 3392.45%, Monero (XMR) is at 13^th position in the crypto chart.
• Additionally, the market capitalization of the altcoin was $1,470,891,485.
• Again, the 24-hour trading volume of Monero was $132,162,982.
• Along with that, the total Monero chips in circulation were 17,025,498 XMR.

XMR Comparison:

On May 12, 25-days back, XMR price was trading at $78.80. But today, the altcoin has gained a momentum of almost 9.7%. However, in the weekly charts, Monero has gone down by 11.37%, from a marked price of $97.425 on May 30. Looking at the weekly charts, one might get dis-hearted, but Monero has gained some strength in the previous day trading. If you need the context of yesterday trading, the coin had opened the day at $83.41 and closed at $84.99, with a hike of $1.57 (1.89%).

Monero Price Prediction:

At present, the crypto space looks like a flat one, but the digital coin market is very unpredictable. As per our Monero Prediction, XMR is a strong altcoin and has sustained various ups and downs. From here, the future of coin looks bright, and it is probably to give a good return in the long run.

Conclusion: 

Although scalability is a long-term issue for the coin, most of the cryptos face some kind of issue. When it comes to the trading volume and number of transaction, XMR surpasses the big giants of the altcoin market. And it is going to move only upward from here.