Coins to Watch This Week: XMR and NANO

XMR and NANO are two fascinating crypto projects that investors should be aware of. Both offer a distinct feature set from other popular tokens such as BTC and ETH. In this research article, we’ll explore the XMR and NANO projects, including their purpose, performance, and price predictions for the next few years. 

Overview of XMR

XMR is the native token of the Monero blockchain. This crypto project was built in response to privacy concerns with BTC transactions. It’s become very popular among internet users that want to maintain their anonymity online. 

Project Description

XMR transactions use a technology called “Zero-Knowledge Proof” to give users complete privacy. Transactions using this tech are confirmed without exposing the identity or details of a transaction on the blockchain. 

The project is backed by Monero Labs, a collaboration of researchers and cryptographers dedicated to improving the Monero project. In 2022, Monero is ranked the 28th biggest cryptocurrency by market capitalization. 

Coin Performance

XMR has been volatile in 2022 and is trading in the $100-$150 range. Like almost all altcoins, the XMR price follows the wider crypto market with a high correlation. It had a large bull run in 2021 and has since declined significantly. However, as Monero is used widely and regularly amongst the privacy-focused crypto community, it still has a decent trading volume of well over $100 million every 24 hours. When market conditions have shown positive signs, the XMR price has rallied strongly, with multiple 40-50% price rallies in 2022. 

Price Predictions

Here are 1-year and 3-year price forecasts for the XMR token from reputed expert sources. 

 

2023 Price Prediction 2025 Price Prediction
PricePrediction.net $273.20 $599.54
DigitalCoinPrice.com $227.68 $292.17
Gov.Capital $204.65 $989.11
Average Prediction $235.17 $626.94

 

These forecasts point to XMR growing strongly over the next few years. But, should you swap XMR to NANO?

Overview of NANO

NANO is another altcoin with distinct features from both XMR and other popular tokens. Here’s an overview of the most important points. 

Project Description

The NANO project is based on the ideas of free transactions and eco-friendly token mining. Rather than incentivizing miners with block rewards for confirming transactions, miners are elected to do this job for free. This allows zero-cost transactions using NANO. The idea is to incentivize more transactions to grow the NANO network in the long term. 

There is no proof-of-stake mining of NANO like with XMR. So, the project uses negligible energy to operate — hence its claimed “eco-friendly” status. NANO is designed with small transactions in mind, such as tipping. 

Coin Performance

NANO has been on a steady downward slide in 2022, falling from $7 to below $1. This is a worse performance than XMR, BTC, and ETH, among others. NANO has not taken part in the very recent recovery of the cryptocurrency market in July 2022. 

Price Predictions

Here are 1-year and 3-year price forecasts for the NANO token from reputed expert sources. 

 

2023 Price Prediction 2025 Price Prediction
PricePrediction.net $2.07 $4.32
DigitalCoinPrice.com $1.36 $1.84
Gov.Capital $3.62 $10.25
Average Prediction $2.35 $5.47

These forecasts for NANO predict similar price gains to XMR over the next three years. This will likely be driven by a recovery in the broader crypto market, rather than outperformance by either of these specific tokens. NANO can be easily traded for other crypto tokens, and NANO to BNB transactions are quite popular. 

How Not to Miss a Profit Opportunity

Both XMR and NANO are crypto tokens with specific purposes — privacy and free transactions, respectively. Both have taken a large hit to their prices in 2022. But, if the market makes a strong recovery, they’ll likely see high returns, as they are recovering from a lower base. Price forecasts predict strong growth for both the medium and long term. So, there is certainly an entry opportunity right now for investors to start collecting these unique tokens.