This year was a really bearish year for the whole crypto market and the first ten months have been pretty much the same.
While some projects such as Tron, Ripple, Monero and more had quite a lot to offer, there have also been projects which did not have as much to deliver in terms of development, and this resulted in highly overvalued prices.
Most coins from the last bull market are utility coins, and this means that they don’t have much to say regarding value.
This is because utility tokens are not securities and this means that a successful project doesn’t necessarily lead to higher token prices.
Anyway, overall, we might be stuck in the middle of the 2017 prediction which claimed that about 95% of crypto would fail this year.
What makes Monero different?
Monero’s ability to make anonymous transactions make it unique compared to the public ledger and the whole history that’s been seen in Bitcoin. Monero is much closer to Satoshi’s vision of a crypto.
There are more reasons to be bullish on Monero. The coin is Proof-of-Work and does not have a pre-mine which makes coins evenly dispersed among the population instead of developers and whales who own much of the initial coin supply.
Monero also aims to be a payment/store of value solution, and this makes it have value instead of just using the crypto as part of an ecosystem which would result in a more limited use case.
As far as the global population is concerned, XMR has a small coin supply and this provides scarcity which has also been seen in Bitcoin, and it leads to higher demand and value.
Besides all these features, XMR can also provide high anonymity, and this has a lot of potential in the crypto space. Even governments can make use of such technology.
Even if Monero is said to have a high potential in being used in criminal activity, in the end, so do fiat currencies.
At the moment, the Monero community is anxiously waiting for the next update, scheduled for October 18th.