Monero Price

(XMR)
USD($)

Monero(XMR) Info

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CLSAG
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‎$ 173.65
‎$ 181.17
‎$ 517.62
+0.33%
+1.01%
+0.56%
$ 3.26B 
$ 3.56M 
18,100,437
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About XMR

What is Monero (XMR)?

Monero (XMR) is a decentralized cryptocurrency designed to keep users’ privacy in mind, letting them transfer payments anonymously anywhere in the world using blockchain technology. It is an open-source project developed by an online community that contributes to upgrading its technology to find faster and more efficient uses for the cryptocurrency and its underlying infrastructure.

Since 2014, it has been one of the oldest digital assets in the market and features among the majors. Like Bitcoin, Monero was envisioned as a means to enable fast, cheap, and secure transactions in a peer-to-peer, encrypted manner using a blockchain network.

What makes Monero unique is that it allows for entirely private and anonymous transactions on its network, letting users conceal their identity while conducting transactions. XMR uses advanced cryptography features that will enable it to obscure the personal details of both senders and receivers on the Monero blockchain.

As of June 2022, Monero’s XMR ranks as the 28th largest crypto asset by market cap. The XMR coin not only enjoys a broad user base who conduct transactions anonymously using it but also features among the most popular cryptocurrencies to invest in among traders.

You can learn more about Monero(XMR) at our KuCoin Blog.

How Does Monero Work?

Monero was created to enable censorship-resistant transactions and uphold users’ freedom to transact with anonymity, one of the largest privacy-focused cryptocurrencies in the market. Unlike most blockchain networks that offer transparency within their decentralized ecosystems, Monero is designed with several technologies to enhance users’ privacy and transactions within the network.

The Monero core team leverages three key technologies - Stealth Addresses, Ring Signatures, and RingCT to ensure that all transactions within its blockchain remain confidential and untraceable. These technologies help obscure information about the sender, receiver, and the amount of XMR transferred in each of the confidential transactions.

All transactions within the network take place over Tor/I2P, an infrastructure specifically designed for anonymity. Another technology that enhances the privacy of the Monero blockchain is the Dandelion++ protocol.

As a result, the XMR digital currency is fungible, offering merchants and businesses that accept payments in it the assurance that the payments do not come from blacklisted or tainted sources. In addition, transactions occur almost instantly with very low charges, unlike conventional payment methods.

The Monero blockchain leverages a proof of work consensus mechanism to secure its network and validate new transactions for creating blocks. Miners can validate transactions and mine XMR using specialized mining equipment to earn block rewards for their efforts.

What Can XMR Crypto Be Used For?

The Monero (XMR) cryptocurrency has several use cases, some of which are listed below:

Enable Digital Payments

Monero’s XMR crypto can be used to send and receive payments over the blockchain in a fast, decentralized, highly efficient, and anonymous manner. Transactions in XMR also have far lower associated charges than conducting online payments using fiat currency.

Crypto Asset to Trade and Invest in

Monero (XMR) is one of the largest cryptocurrencies by market cap and is among the oldest digital assets. It enjoys an established reputation and is a popular choice to invest in among crypto traders even as new coins enter the market.

Ensure you review the latest Monero price, XMR market cap, and 24-hour trading volume and perform fundamental, technical, and sentiment analysis on XMR price action before trading it against other cryptocurrencies.

Earn Passive Income

Investing in XMR offers safe ways to grow your portfolio through the option to earn passive income. On KuCoin, you can use the Crypto Lending service to lend liquidity in XMR to the exchange and earn attractive returns.

Look for the XMR coin from the list of options, enter the number of XMR you wish to lend, select the duration (seven days, 14 days, or 28 days), and see the daily interest rate and estimated profit.

Mine XMR

In addition to buying and trading XMR, you can also mine the cryptocurrency and help improve the resilience of the Monero network through your efforts. In exchange, you can receive block rewards whenever you contribute to validating transactions and adding new blocks to the blockchain.

How to Buy Monero (XMR)

Monero (XMR) is listed for buying on some of the largest cryptocurrency exchanges, although it is unavailable on most platforms due to privacy concerns. KuCoin is one of the most convenient platforms to buy XMR crypto. Here’s how:

1. Start a KuCoin Account

Register for an account on KuCoin if you are a new user. Remember to complete the KYC verification upon logging in for the first time. This will give you access to all our services and offerings.

2. Fund Your Trading Account With Cryptocurrency

Add crypto funds to your trading account via the KuCoin Fast Trade section. Here, you can convert your fiat currency into crypto using more than 70 payment options, including Visa, Mastercard, PayPal, and SEPA.

You can also use the KuCoin P2P option to fund your trading account or buy crypto directly from third-party sellers on our platform.

3. Use Existing Crypto to Buy XMR on KuCoin

You can also transfer your existing crypto holdings from your external wallet to your KuCoin trading account. Once you have added the funds, you can conveniently use them for trading on our platform.

4. Trade XMR/USDT on KuCoin

After funding your trading account, it’s time to head to the KuCoin Spot Trading section to find the XMR/USDT crypto pair. Check the latest Monero price, XMR market cap, 24-hour trading volume, and news before placing a ‘Buy’ trade.

Enter the number of USDT you plan to exchange for XMR and review the number of XMR coins you can receive and the trading fees you have to pay. Once you have verified all details, proceed with the transaction by clicking on ‘Buy.’

5. Store and Receive XMR Safely

It will take a few minutes for your order to be processed and the XMR crypto to be added to your trading account. Once you receive the crypto, you can continue to hold it on KuCoin or transfer it to an external wallet for additional security.

FAQ

Is Monero (XMR) a Good Investment?

The Monero cryptocurrency has given back good gains to its investors in previous years, helped higher by bullish moves in the crypto market. However, one of its biggest strengths is also its biggest drawback holding back substantial gains in the XMR price.

Regulatory concerns surrounding Monero’s privacy have prevented it from being listed on many leading cryptocurrency exchanges. This reduces liquidity in the crypto coin considerably, challenging the Monero price from rising as high as its peers during bullish cycles in the market.

On a positive note, however, the XMR enjoys a large market cap and is considered an attractive cryptocurrency among those who value their privacy. The XMR price statistics could enjoy support from an uptick in the adoption of the crypto among enthusiasts looking for a completely anonymous way to transfer payment around the world with low transaction fees.

XMR vs. Bitcoin: How is Monero Different From Bitcoin?

Both Monero and Bitcoin utilize proof of work consensus mechanisms to secure their infrastructure, although there are several differences between the two cryptocurrencies. The following are some of them:

Primary Use Case

Bitcoin, the original cryptocurrency, was designed to enable faster and cheaper payments using blockchain technology. However, Monero takes the concept further, letting users conduct anonymous, ring confidential transactions using its infrastructure.

Having been around since 2009, several investors consider BTC a store of value, both retail and institutional, due to its steep price and fixed supply of 21 million coins. The lower XMR price makes it a more accessible cryptocurrency for smaller investors.

Popularity and Availability

Although the Monero price is far lower than that of Bitcoin, its privacy concerns limit the number of exchanges it is listed for trading. On the other hand, Bitcoin is listed on almost every cryptocurrency exchange and is also available for purchase via several different avenues.

History of Monero and XMR

Monero launched officially in April 2014 on the Bitcointalk forum, although a previous version launched a month prior, known as Bytecoin. Bytecoin ran into controversy almost instantly as its supply was 80% pre-mined. Bytecoin was forked into BitMonero, which underwent another fork to become the Monero project.

September 2014 saw Monero recover from a spam attack, followed by the release of Monero Research Lab Papers. Version 0.8.8.6 of the project was released in December 2014.

Over the years, the developers actively released several upgrades to improve the cryptocurrency, increasing its user privacy features and effectiveness. Over time, the minimal ring size continued to grow, the consensus mechanism became more robust, and XMR transactions got faster.

One of the most notable recent developments in Monero was the launch of atomic swaps between Monero and Bitcoin in August 2021. Looking ahead, the team of developers plans to make Monero even more versatile with plans to launch Layer 2 solutions to increase the speed and scalability of the ecosystem.

How to Mine Monero (XMR)

Monero can be mined using CPUs as its hashing algorithm RandomX uses lesser computing resources and has a far lower mining hashrate than Bitcoin. This makes Monero mining far more affordable to perform. Here’s how you can mine XMR:

1. Invest in reliable mining hardware and install Monero mining software applications on the system. You can choose to perform solo mining or participate in pool mining, so pick your software based on this.

2. As a solo miner, you can keep all the rewards you earn for your efforts, but you may not get an opportunity to mine Monero frequently.

3. On the other hand, joining a mining pool can increase the frequency of your contributions, although you may have to part with a percentage of the block rewards you earn to the pool.

4. You also have the option to perform cloud mining, which involves computing resources hosted on the cloud to mine Monero. In this option, you can pay a fee to the hosting provider, utilize the computing power and earn block rewards for your efforts.

4. Select the right mining software based on the option which is most convenient for you.

5. Connect your Monero wallet to the mining software so that the block rewards you earn can be stored.

6. Configure the application and start generating XMR coins.

XMR Price Analysis

Live Price

The live price of XMR is 179.07 USD, representing an increase of +0.56% in the past 7 days and +1.01% increase in the past 24 hours.

Historical Trend

The all-time high of XMR was 517.62 USD on 05-07, 2021, from which the coin is now down -65.40%.
The all-time low of XMR was 0.21 USD, from which the coin is now up 99.88%.
$ 0.21
$ 517.62
Want to get the latest price of XMR? Head to the KuCoin Exchange for 24/7 live updates of XMR/USD prices and the ability to buy/sell crypto quickly.