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Privacy coins monero and zcash managed to see fewer percentage losses against the US dollar this week, in contrast to crypto assets such as bitcoin, ethereum and solana. Seven-day statistics indicate that zcash has lost 5.6% against the USD, while monero fell by 6.1%.
At the time of writing, the entire market capitalization of all privacy coins in existence is approximately $5.55 billion. Monero (XMR) leads the pack with a market cap of around $2.64 billion or 47.5% of the entire privacy coin economy. Zcash (ZEC) is the second largest privacy coin in terms of market cap, as ZEC’s total market cap today is $789 million.
Behind XMR and ZEC are privacy symbols such as decred (DCR), nucypher (NU), secret (SCRT), horizon (ZEN), ergo (ERG), digibyte (DGB) and beldex (BDX). Top double digit privacy coins this week include deeponion (ONION), litecash (CASH), pivx (PIVX) and masari (MSR). The week’s biggest privacy coin losers in terms of percentage losses include tokens such as zclassic (ZCL), lethean (LTHN), and phore (PHR).
The top five privacy coin cryptoassets account for most of the $5.55 billion in privacy coin value, and each token offers different types of privacy techniques. XMR is a Cryptonote token with a blockchain protocol that was not forked from Bitcoin. XMR uses ring signatures, confidential ring transactions, stealth addresses, bulletproof and Dandelion++. The ZEC network can shield transactions by leveraging a zero-knowledge proof called zk-SNARKs.
Decred (DCR) uses a Coinjoin mixing scheme called Coinshuffle++ (CSPP) to hide transactions. Nucypher (NU) distributes Proxy Re-Encryption (PRE), a technology that allows the owner of the private key to encrypt data. Like NU, the Secret (SCRT) blockchain offers key management techniques, Trusted Execution Environment (TEE) schemes combined with encryption to improve privacy.
While privacy coins have taken less of a beating this week compared to ETH or BTC, they have still lost quite a bit of value over the past year. Four months ago, the privacy cryptocurrency economy was worth much more, at $10.7 billion. XMR’s combined market cap was $4.13 billion and ZEC’s 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 that time in November 2021, NU was not in the top five, as horizen (ZEN) held the fifth position in terms of privacy coins by market capitalization. XMR’s total market capitalization was $4.69 billion. ZEC’s market cap on November 6, 2021 was slightly higher than the April 28, 2022 record of $1.94 billion. In November 2021, XMR’s and ZEC’s combined market values were greater than the current value of the privacy coin economy.
What do you think of the privacy coin market in recent times? Let us know what you think about this topic in the comments section below.
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