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