Photo: Arsenii Palivoda/Shutterstock
The crypto market has been colored red for weeks, but one category is refusing to join the decline. While most major coins are struggling to stay afloat, privacy coins are shooting up. Monero and Zcash are once again showing impressive gains, suggesting that interest in financial anonymity is greater than ever.
Monero and Zcash Keep Rising Despite Weak Market #
In the past 24 hours, Monero has risen by over 13%, trading at a price of around $400. This is remarkable, as many other coins are currently losing ground. The chart shows the price moving up in an almost straight line, peaking around $407.
Zcash’s performance is even more extreme. The coin rose nearly 13% in a day, reaching a price of around $568. But the real story is how strongly Zcash has performed over the past few months. Since the end of September, the price has risen by almost 1,000%. Where Zcash was trading under $50 then, it recently even topped $700.
Privacy coins are special cryptocurrencies that allow you to make transactions without others being able to see exactly what you are sending or receiving. With Monero, this always happens automatically: all transactions are fully private by default.
With Zcash, it works slightly differently. There, you can choose how visible your transactions are. You can make a normal transaction that everyone can see, but you can also make a shielded transaction that is only visible to you and the recipient.
Because many other cryptocurrencies are becoming easier to track, investors are more frequently seeking out coins that offer more privacy. As a result, Monero and Zcash now have a stronger position in the market and continue to rise, even as the rest of the crypto market falls.
Growing Media and Industry Attention #
The recent surge in Zcash coincides with major news. The popular crypto exchange OKX has announced that it will relist Zcash. This is notable, as OKX previously delisted three privacy coins from the platform, including Monero and Zcash. The new listing brings more liquidity and attention, further increasing buying pressure.
Well-known figures are also increasingly taking notice of these coins. According to the CEO of VanEck, concerns about quantum threats and traceability play a significant role. He sees more and more Bitcoin veterans switching to Zcash because of its stronger privacy features.
On social media, the sentiment is being amplified even further. Analyst Chase Pump even predicts that ZEC is on its way to a new all-time high and warns sellers that they will be “completely liquidated.”
The success of Monero and Zcash shows that privacy is not a hype, but a lasting theme within crypto. If interest remains high and the market continues to consolidate, privacy coins could be the surprising winners of an otherwise gloomy crypto season.