Crypto is going down, and most altcoins are down by an average of 10%. Even bitcoin has broken below $6500, and could be headed lower. However, even if the market implodes, certain cryptos are guaranteed to hold value, and most likely thrive long-term. These are cryptos that have utility outside of the speculative uses that most coins are banking on. Monero happens to be one such crypto, and long-term it could hold its value. Monero’s longevity in the market is driven by a number of factors.
One of its key strengths is that Monero is in a market that has always been strong and will always be. The need to hide wealth has always been there way before crypto. That’s why off-shore banking destinations have always been big business. That need will always be there and Monero (XMR) simply makes it easier to hide wealth. That’s because Monero puts that power in the hands of the individual instead of relying on third parties to do it. With Monero (XMR), anyone can pretty much move millions of dollars all across the globe, in a matter of minutes, with no traceability.
The fact that it also fungible makes it even better as a privacy coin, and makes it more attractive as a way to privately hold and transfer wealth. This is something that gives Monero (XMR) value, regardless of how the market moves in the short-term. As more people start using Monero (XMR) for this purpose, its value in the market will rise. It’s simply a case of demand driving up value.
But one can argue that there are lots of privacy coins in the market, so this market could be shared amongst numerous cryptos. While this might be true, Monero has already established itself as the dominant coin in this market. Monero’s privacy technology has over time been tested and proven to hold water. Monero (XMR) is also constantly improving to become even better at privacy.
For instance, on the 18th of this month, it will do a hard fork that will improve on its privacy, as well as make it, even more, ASIC resistant. This together with the fact that Monero (XMR) has already built a reputation in the privacy market could see its value in the market rise significantly. As the market weeds off the week coins and starts to consolidate, Monero could become a near-monopoly in the privacy space, and this could see the value of this coin rise significantly going into the future.
Going by the above, it then follows that Monero (XMR) could be one of the best cryptos to hold even in a bear market. Once the bulls return, Monero (XMR) could easily be worth upwards of $1000 a coin. Not only do the fundamentals support this, but its coin supply allows for such a huge move too. Monero (XMR) only has 16 million coins in circulation, which means that if demand picks up, it could move faster than coins that have billions of coins in circulation. The privacy market will always be there, and since Monero (XMR) is leading in it, it’s a solid bet.