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The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week – Privacy Bitcoin News

August 29, 2022
in Bitcoin
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The privacy coins monero and zcash managed to see fewer percentage losses against the U.S. dollar this week, in contrast to crypto assets like bitcoin, ethereum, and solana. Seven-day statistics indicate zcash has lost 5.6% against the USD, while monero dropped by 6.1%.

Privacy Coins Manage to Stave off Some of This Week’s Market Carnage, but Are Still Down 62% Lower Than 9 Months Ago

At the time of writing, the entire market capitalization of all the privacy coins in existence is roughly $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 privacy coin in terms of market capitalization as ZEC’s overall market valuation today is $789 million.

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week
The 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 privacy coin double-digit gainers this week include deeponion (ONION), litecash (CASH), pivx (PIVX), and masari (MSR). The week’s top privacy coin losers in terms of percentage losses include tokens like zclassic (ZCL), lethean (LTHN), and phore (PHR).

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week
XMR/USDT 1H chart.

The top five privacy coin crypto assets make up 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, ring confidential transactions, stealth addresses, bulletproofs, and Dandelion++. The ZEC network can shield transactions by leveraging a zero-knowledge proof called zk-SNARKs.

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week
ZEC/USDT 1H chart.

Decred (DCR) utilizes a Coinjoin mixing scheme called Coinshuffle++ (CSPP) to obfuscate 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.

While privacy coins have taken less of a beating this week compared to ETH or BTC, they still have lost quite a bit of value during the last year. Four months ago the privacy crypto coin economy was worth a whole lot more, at $10.7 billion. XMR’s overall market valuation 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 cap. 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.

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

What do you think about the privacy coin market action in recent times? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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