Crypto investors flee visibility for anonymity as privacy coins surge 80%

6 hours ago

Investor request for fiscal privateness is fueling a beardown rally successful privacy-preserving cryptocurrencies, signaling renewed involvement successful self-sovereign blockchain transactions.

The marketplace capitalization of privacy-preserving cryptocurrencies roseate by astir 80% implicit the past week to concisely surpass $24 cardinal earlier connected Monday earlier retracing 2.9% to $23.7 cardinal astatine the clip of writing, according to information aggregator CoinGecko.

Dash (DASH) and Zcash (ZEC) were among the best-performing privateness coins past week, with 65% and 9.55% gains, respectively.

The privateness coin rally occurs contempt a wider crypto marketplace downturn, which saw the full crypto marketplace headdress diminution by 3.7% implicit the past week, from $3.96 trillion to $3.81 trillion, signaling increasing capitalist request for fiscal privacy.

Privacy coins specified arsenic Zcash and Monero (XMR) obscure sender, receiver and transaction details, offering greater anonymity than pseudonymous cryptocurrencies similar Bitcoin (BTC).

Investors question fiscal privacy, “encrypted” Bitcoin: Nansen analyst

“Privacy is progressively viewed arsenic a necessity alternatively than a feature,” Jake Kennis, elder probe expert astatine Nansen, told Cointelegraph. “This renews ideological request for private, self-sovereign transactions.”

Kennis said the enlargement of Zcash’s shielded excavation and improvements successful its technology, including the Zashi wallet for shielded transfers and Solana integration, are making privateness transactions much accessible.

Zcash’s fixed proviso of 21 cardinal coins, its proof-of-work (PoW) statement exemplary and its privateness mounting based connected zk-SNARK exertion presumption it arsenic an “encrypted Bitcoin” for investors seeking backstage transactions, added Kennis.

Zk-SNARKs are cryptographic primitives that tin sever immoderate tractable portion of information betwixt 2 parties implicit a nationalist blockchain network, aiming to fortify integer privacy. They are an enactment of zero-knowledge proof technology.

Arthur Hayes tips $10,000 ZEC tokens earlier Zcash hits eight-year high

Zcash surged to an implicit eight-year precocious of $388 connected Friday, briefly flipping Monero to go the astir invaluable privateness coin.

The emergence to the eight-year precocious came days aft BitMEX co-founder Arthur Hayes predicted a ZEC token rally to $10,000, further bolstering buzz astir the token.

Zcash rallied from $272 to a highest of $355 successful the hours aft Hayes’s bullish prediction connected Sunday, Cointelegraph reported.