Many investors and traders often look for lesser-known cryptocurrencies to find the best cryptocurrency performer of the next quarter. However, this time around Monero (XMR) has sprung a surprise by becoming one of the best cryptocurrency performers of the past quarter. In the last three months, Monero has surged by 58%. There are quite a few reasons behind the surge. Today, we will analyze not only the performance of Monero (XMR) in the last three months but also try to decipher what is pushing it higher.
Monero (XMR) surges 58% in just three months:
On February 7, 2019, Monero (XMR) was trading around $ 43.18. Today, it is trading at $ 68.48. Today itself it is up by 5.2%. It means that in exactly three months, Monero (XMR) has surged by 58%. Comparatively, when you look at Bitcoin (BTC), it is up by approximately 33%. It clearly indicates that Monero (XMR) is one of the best cryptocurrency performers and has been able to provide returns more than Bitcoin (BTC). The rise in the price of Monero (XMR) has not been without any underlying factors. We will highlight some of them below.
Monero (XMR) is one of the few cryptocurrencies which actually has a user base. Since it provides completely anonymous transactions, many people prefer to use Monero (XMR) for transacting on the Internet. On 7th Feb 2019, the volumes were around $ 45 million. Those consistent rose and finally peaked on April 24, when there were over $ 200 million.
It clearly indicates that with the rise in the price of Monero (XMR), the volumes have increased as well. When the increase in the volumes, it has sustained very well. It is one of the primary reasons why dips have been few and far in between.
The average transaction fee for Monero has come down to around $ 0.025. It is a multi-year low. It clearly indicates that it is one of the cheapest currencies to transact in. For any cryptocurrency, when the actual application increases and the user base goes up, the prize is bound to go up.
Moreover, Monero (XMR) developers have time and again stated that they would not compromise on the private nature of the cryptocurrency. It is one of the prime reasons why Monero (XMR) is becoming very popular.
With the consistent bull run, it remains to be seen how high it can go. Currently, it is one of the best cryptocurrency performers of the last three months.