Privacy Coin Interest Stays Tepid as Leading Coins Report Modest Gains in 2023
Over the past 90 days, the top privacy coins by market capitalization have seen an increase of just over $2 billion, rising from $4.65 billion on Nov. 9, 2022 to $6.69 billion today. However, while crypto assets such as bitcoin and ethereum saw gains of 30% or more in 30 days, privacy tokens like monero and zcash saw more modest increases, with growth ranging from 8.7% to 10.6% in the last month.
Top Privacy Coins See Slow Growth as Market Capitalization Increases by a Mere $2 Billion in 90 Days
Statistics show that top privacy crypto assets saw less growth in the past month compared to the top two crypto assets, bitcoin and ethereum. However, one privacy coin, dash (DASH), which is the second largest privacy token by market capitalization, saw a significant increase of 38.7% against the greenback last month. Meanwhile, monero (XMR) saw a rise of 8.7% in value, and zcash (ZEC) increased by 10.6% over 30 days. Currently, the top three privacy coins by market value are XMR, DASH, and ZEC.
90-day statistics show that while monero (XMR) and zcash (ZEC) saw modest gains, the privacy coin economy saw an increase of $2 billion. Three months ago, XMR was trading at $129 per coin and as of Wednesday, it is trading at $168 per unit. Dash (DASH), which was trading at $36.60 per coin, is now changing hands for $65.83. Zcash was trading at $38.37 per coin on Nov. 9, 2022, and as of Feb. 8, 2023, ZEC is trading at $46.90. Although these three privacy coins make up the majority of the collective $6.69 billion in value, some lesser-known tokens have recorded larger gains.
The privacy coin daps coin (DAPS) saw an increase of 884.5% in one week, while phore (PHR) rose by 110.3% against the U.S. dollar in seven days. Other notable privacy coins that saw gains include raze network (RAZE), up 74.3%, axe (AXE), up 32.9%, and cloakcoin (CLOAK), up 31.8% in the past week. Privacy coin (PRCY), however, saw a decrease of 32.3% this week, iridium (IRD) slid by 17.3%, and deeponion (ONION) lost 16.7% against the greenback. Notable 24-hour gainers include horizen (ZEN), up 16%, dusk network (DUSK), up 11%, and digibyte (DGB), up 10.6% in fiat value.
What do you think is the future of privacy coins in the cryptocurrency market? Share your thoughts in the comments below.
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