Thread by @johnfoss69

#Monero in 2023 – A New Beginning ☀️

This short thread focuses on various metrics, bringing to light the possibilities of where Monero may be headed in 2023 and beyond. Buckle up! 🧵

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Over the past 12 months, #XMR has been the best-performing cryptocurrency when compared to other major crypto assets. #Monero is down ~23% while most others are down over 60%.

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Over the past 12 months, #XMR dominance has approximately doubled.

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The #XMR dominance chart also shows that it has risen above the 200-week EMA for the first time since September 2020.

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#Monero’s Coinmarketcap ranking has continued to move upward. It is currently at #23 after a January 2022 low of #46.

(src: moneroj.net/rank/)

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#Monero is the leading privacy coin with a marketcap 4x the size of the second major privacy coin.

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Monero’s dominance over other privacy coins is well visualized in the graph below.

(src: moneroj.net/monerodominanc…)

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#Monero nodes are all over the world, in places you wouldn’t expect. Anyone can easily run a node on an old CPU – something not possible for most other cryptos. There have been over 10,000 nodes observed on the Monero network in the past 24hrs

(src: monero.fail/map)

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#Monero’s hashrate has remained somewhat steady and has been moving sideways since July 2022. Given the crypto-wide bear market, this is a promising sign of the strength of the network.

(src: moneroj.net/hashrate/)

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P2Pool, a decentralized Monero mining pool that works by creating a peer-to-peer network of miner nodes, has begun to gain more traction since July 2022.

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On the #P2Pool dominance chart, you can see the uptrend represented by the white line showing higher lows.

(src: moneroj.net/p2pool_hashrat…)

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While many coins die after a bull market, #Monero’s community has continued to grow for 8 years. The Monero subreddit r/Monero has shown consistent, steady growth. This is evidence of a strong, grassroots community that is ideologically driven and not worried about price.

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Regardless of this, asset price plays an important role in the existence of a cryptocurrency. Focusing now on valuation metrics, the #XMR/USD daily chart shows that #Monero has pushed up and broken through the 200-day EMA.

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Also on the $XMR/USD daily chart, #Monero is about to print a GOLDEN CROSS for the first time since April 2022.

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If you are a believer in the Stock-to-Flow model, #Monero appears to be extremely undervalued.

(src: moneroj.net/sfmodel/)

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The weekly #XMR/BTC chart is setting up for a BULLISH KUMO TWIST. A Kumo Twist is an early signal for a potential trend change in the future. This would be the first since October 2017.

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The $XMR/BTC weekly chart has broken out from its Adam and Eve double-bottom pattern. This pattern is observed during a downward trend. It indicates a trend reversal and the possibility of a bullish rally.

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Additionally, there is a high probability that a GOLDEN CROSS will occur on the $XMR/BTC weekly chart in approx late February 2023.

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In November 2022, the #XMR/BTC monthly Renko chart printed its first green candle since January 2018. Renko charts are a way to view asset price movements and trend reversals by filtering out minor price movements.

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The #XMR/ETH chart shows #Monero has gained ~170% against #Ethereum since February 2022. By the look of the chart pattern, it appears it will continue its trend upwards.

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There are many other metrics I could point out to support my biases regarding why I believe #Monero will blossom in 2023. For example, the Canadian Truckers and Tornado Cash events highlighted the importance of privacy. I encourage you to share your thoughts on this thread.

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I hope you enjoyed this thread. You can learn more about Monero here:

🔒The Official Website: getmonero.org
🔒Monero Subreddit: reddit.com/r/monero
🔒Monero’s GitHub: github.com/monero-project…

I also write a free weekly newsletter all about #Monero. It includes full coverage of tech developments, news, events, speculation, memes, and more. It is called The Monero Moon and you can subscribe for free here –

🔒themoneromoon.com

If you have questions about #Monero or anything else, feel free to reach out to me via DM. 🤝

Finally, you can check out one of my other #Monero related Twitter threads below.