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Top Privacy Coins Have Fewer Percentage Losses Than Most Tokens This Week Cryptocurrency


Privacy coins monero and zcash managed to see fewer percentage losses against the US dollar this week, unlike crypto assets like bitcoin, ethereum and solana. The seven-day stats show that zcash lost 5.6% against USD, while monero fell 6.1%.

Privacy coins manage to avoid some of this week’s market carnage, but are still down 62% from 9 months ago

At the time of writing, the total market capitalization of all existing privacy coins is around $5.55 billion. Monero (XMR) leads the pack with a market valuation of around $2.64 billion, or 47.5% of the entire privacy coin economy. Zcash (ZEC) is the second largest private coin by market capitalization, with ZEC’s overall market valuation today standing at $789 million.

Top privacy coins saw fewer percentage losses than most tokens this week
Top five privacy coins by market valuation on August 29, 2022.

Behind XMR and ZEC are privacy tokens such as decred (DCR), nucypher (NU), secret (SCRT), horizen (ZEN), ergo (ERG), digibyte (DGB), and beldex (BDX), respectively. Top double-digit gainers in privacy coins this week include deeponion (ONION), litecash (CASH), pivx (PIVX), and masari (MSR). The top privacy coin losers of the week by loss percentage include tokens such as zclassic (ZCL), lethean (LTHN), and phore (PHR).

Top privacy coins saw fewer percentage losses than most tokens this week
XMR/USDT 1H chart.

The top five privacy coin crypto assets account for the bulk of the $5.55 billion privacy coin value, and each token offers different types of privacy techniques. XMR is a Cryptonote token with a blockchain protocol that was not derived from Bitcoin. XMR uses ring signatures, confidential ring transactions, stealth addresses, bulletproof and Dandelion++. The ZEC network can protect transactions by leveraging a zero-knowledge proof called zk-SNARK.

Top privacy coins saw fewer percentage losses than most tokens this week
ZEC/USDT 1H chart.

Decred (DCR) uses a Coinjoin shuffling scheme called Coinshuffle++ (CSPP) to hide transactions. Nucypher (NU) deploys Proxy Re-Encryption (PRE), a technology that allows the owner of the private key to encrypt data. Similar to NU, the Secret (SCRT) blockchain provides key management techniques, Trusted Execution Environment (TEE) schemes combined with encryption to enhance privacy.

Although privacy coins took less of a hit this week compared to ETH or BTC, they still lost quite a bit of value over the past year. Four months ago, the private cryptocurrency economy was worth much more, at $10.7 billion. The overall market valuation of XMR was $4.13 billion and that of ZEC was $1.84 billion on April 28, 2022. Nine months ago, on November 6, 2021, the privacy token economy was worth $14.9 billion.

At this time, November 2021, NU was not in the top five, as horizen (ZEN) held the fifth position in terms of privacy coins by market capitalization. The overall market valuation of XMR was $4.69 billion. ZEC’s market capitalization as of November 6, 2021 was slightly higher than the April 28, 2022 record of $1.94 billion. In November 2021, the combined market caps of XMR and ZEC were greater than the current economic value of privacy coins.

Keywords in this story

bulletproofs, CoinJoin, Dandelion, Decred, horizen, Mixing Coins, Monero, Nucypher, Privacy, Privacy Assets, privacy coins, privacy crypto, Privacy techniques, Privacy Tokens, confidential ring transactions, Ring Signatures, Secret, stealth addresses, xmr, Zcash, ZEC, zen

What do you think of the privacy coin market action lately? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.




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