Monero and Zcash, privacy coins, suffered less percentage losses this week against the U.S. dollars, in comparison to other crypto assets such bitcoin, ethereum or solana. Monero has dropped 6.1%, and zcash is down 5.6% over seven days.
Privacy Coins Manage to Stave off Some of This Week’s Market Carnage, but Are Still Down 62% Lower Than 9 Months Ago
As of the writing of this report, there is $5.55 billion in total market capitalization across all privacy coins. Monero (XMR), which has a market value of approximately $2.64 Billion, is the leader of the privacy coin industry. This represents 47.5%. Zcash (ZEC) is the second largest privacy coin in terms of market capitalization as ZEC’s overall market valuation today is $789 million.
Behind XMR, ZEC are privacy tokens like nucypher and secret (SCRT), decred and DCR (DCR), nucypher and NU), secret and horizen (ZEN), ergo and digibyte respectively. Deeponion, litecash and pivx are the top privacy coins that have seen double-digit gains this week. The week’s top privacy coin losers in terms of percentage losses include tokens like zclassic (ZCL), lethean (LTHN), and phore (PHR).
These five top privacy crypto assets represent the bulk of the $5.55 Billion in privacy coin values. Every token has different privacy options. XMR, a Cryptonote token that uses a different blockchain protocol than Bitcoin’s, is called Cryptonote. XMR employs ring signatures. Ring confidential transactions. Stealth addresses. Bulletproofs. Dandelion++. Zk-SNARKs is a zero-knowledge protection that can be used by the ZEC network to protect transactions.
To obfuscate transactions, Decred (DCR), uses a Coinjoin mix scheme known as Coinshuffle++. Proxy Recryption (PRE) is used by Nucypher. This technology allows the owner to encrypt data. Like NU, Secret (SCRT), the blockchain offers key management techniques, Trusted Execution Environments schemes (TEE), and encryption to increase privacy.
Privacy coins are taking a less severe beating than ETH and BTC this week, but they have still lost quite a lot of value over the past year. The privacy crypto coin market was valued at $10.7 million four months ago. XMR’s overall market valuation was $4.13 billion and ZEC’s was $1.84 billion on April 28, 2022. The privacy token economy, valued at $14.9 billion nine months prior to November 6, 2021 was worth $14.9 million.
NU wasn’t in the top 5, as horizen ZEN (HORIZEN) was in fifth place in privacy coins according to market capital. XMR’s overall market valuation was $4.69 billion. ZEC’s market capitalization on November 6, 2021 was slightly higher than the April 28, 2022 record with $1.94 billion. In November 2021, XMR’s and ZEC’s market caps combined were larger than today’s privacy coin economy value.
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