Monero's 1.22% Price Surge to $143.71: Key Takeaways for August 31, 2023

Monero's price has seen a moderate 1.22% increase over the past 24 hours, bringing the current value to $143.71. This comes after a relatively stagnant week for the privacy-focused cryptocurrency, with only a 3.02% gain over the last 7 days. However, zooming out shows Monero is still down 11.01% over the past month and 4.40% in the last 6 months.

With a market capitalization of $2.64 billion, Monero remains one of the top privacy-focused cryptocurrencies. Let's dig into the latest price action and metrics to better understand the current state of Monero.

Breaking Down the Recent Volume and Price Change

Over the past 24 hours, Monero has seen trading volume of $65.69 million. This represents a significant decrease from the monthly average daily volume of $170.8 million. The lowered volume likely explains the relatively muted price movement over the past day compared to more volatile swings in the past.

The 1.22% price increase over the last 24 hours only partially offsets the losses from earlier in the week. Monero had fallen by over 5% on Monday before rebounding slightly leading into Thursday's gains. Overall, short-term traders appear cautious, contributing to the lower volume.

Longer-term holders continue accumulating, though, helping provide an underlying level of support. Monero's situation seems to reflect the broader choppy nature of the cryptocurrency market recently. Let's examine some potential catalysts on the horizon.

Upcoming Developments and Events

The Monero community has several developments and upgrades in the works that could impact price action. One of the most anticipated is the network's transition to RandomX mining. This will shift Monero mining from being ASIC-dominated to a more decentralized, CPU-minded approach. The change could happen sometime in Q3 or Q4 2023.

Additionally, developers continue working to enhance Monero's privacy and scalability. Increased adoption of the cryptocurrency for transactions would certainly be a positive catalyst for the price.

On the events side, Monero will have a presence at several high-profile cryptocurrency conferences in 2023. These include TOKEN2049 in London in March 2023 and Consensus 2023 in Austin in June. Strong showings at these events could generate further interest in Monero among investors.

Price Prediction Through Early 2024

Given the latest price action and metrics, my prediction is for Monero to trade in a range between $100 and $200 over the next 8 months. I expect volatility to continue in the broader cryptocurrency market, leading to swings within that trading range.

However, increased adoption of privacy-focused cryptocurrencies could act as a catalyst. With regulators ramping up oversight of the transparent blockchain transactions facilitated by cryptocurrencies like Bitcoin, investors may increasingly turn to options like Monero. This shift could allow Monero to break out above $200 by early 2024.

Downside risks include intensified cryptocurrency regulation that negatively impacts perception of privacy coins or a prolonged `crypto winter' that weighs on prices across the board. But Monero's dedicated community and developers continue driving improvements that enhance the cryptocurrency's value proposition over the long term.

Should You Buy Monero in 2023?

With the price prediction ranging between $100 and $200 over the next 8 months, is now a good time to buy Monero? Dollar cost averaging into a position can help smooth out volatility. For long-term cryptocurrency investors focused on privacy, Monero remains one of the premier options.

However, the regulatory landscape represents the biggest risk when investing in privacy coins like Monero. Make sure to carefully consider your own risk tolerance and portfolio objectives before making any investment.

What Are the Top Monero Wallets for Storage?

When investing in Monero, you need a secure wallet to store your coins. The open-source Monero GUI wallet is a top choice, providing convenience while letting you run a full node for maximum decentralization.

The Cake Wallet app offers another excellent mobile option. It's easy to use while still facilitating key Monero features like address scanning for private payments. Cold storage hardware wallets like Ledger and Trezor also support Monero. Evaluate your needs for usability, security, and cost to determine the best Monero wallet.


Monero's 1.22% price increase over the past day provides a small positive signal amid recent choppy trading. Upcoming developments like RandomX mining and ongoing improvements position Monero to see continued adoption.

While regulations present a risk, privacy remains a strong use case in the cryptocurrency space. Monero is poised to trade between $100 and $200 over the next 8 months based on technical and fundamental analysis. Consider dollar cost averaging and utilize secure storage like the GUI wallet when investing in Monero long-term.

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