Is Monero (XMR) Worth Hodling?
Table of contents
Some of the reasons why Monero (XMR) is worth hodling are:
Monero Upgrade to Bulletproof+
Monero would soon increase the security of its platform by upgrading to Bulletproof+ from the present Bulletproof algorithm. This change will ensure the Monero Blockchain's protection from Application Specific Integrated Circuit (ASIC) miners in its next hard fork. This upgrade has made top XMR whales hodl the coin to attract more investors.
Present Return on Investment
Since the launch of XMR in April 2014 as a hard fork of Bytecoin, it has had a return on investment of 6554%. Therefore, XMR initial holders will continue to gain. That is 65.54 times the initial price of Monero when it was listed. Also, investors that purchased Monero (XMR) when it attained its current all-time low price of $0.213 on January 15th, 2015, have received a 77221% return on investment. At the time of writing, this product is worth $168.47.
Relative Volume in Circulation
Monero is one of the top 30 cryptocurrencies, according to CoinMarketCap, with a low circulating volume. Its circulating volume is 18,123,470 XMR which is comparatively lower than the top cryptocurrencies like Bitcoin, Ethereum, Binance Coin, XRP, and Litecoin. In a time of a bullish run, this low supply could favor the coins listed above.
A Possible Rise in the Demand for Privacy Cryptocurrencies
The number of countries taxing cryptocurrency earnings is on the rise. As a result, more private cryptocurrencies have appeared on the market. Monero is one of the most reliable private cryptocurrencies that has had the trust of investors and users for over eight years. Moreover, the present sanctions on Russia could lead to the possible legalization of cryptocurrencies. Some exchanges are considering banning Russian users. Russia is among the top 5 five countries with crypto holders. This sanction could divert the 17.37 million Russians that own crypto into investing in XMR.
Conclusion
Although the price of Monero has decreased by over 200% since it attained its all-time high price of $517.62, long-term hodlers will benefit from its rising demand.