Privacy Coins Continue Strong Performance Against All Odds
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The market for privacy coins maintained its impressive rally till November 6. Meanwhile, Zcash (ZEC) and Dash (DASH) appear to be leading the charge, as these coins helped push the total market capitalization of privacy-focused cryptocurrencies up by 8%, reaching $26.6 billion.
Despite a drop in trading volume compared to the previous 24 hours, most privacy coins posted significant gains, with increases ranging from 3% to 20%. Among them, ZEC, which recently overtook Monero (XMR) as the top privacy coin by market capitalization, surged by 16.8%, raising its market cap to $8.84 billion. This gain helped ZEC surpass well-known altcoins like Avalanche (AVAX), Hedera (HBAR), and Stellar (XLM), moving it up in the rankings. As of 9:25 a.m. EST on November 6, ZEC was trading at over $540, making it the 25th-largest cryptocurrency by market cap. Since early September, ZEC has seen a massive increase of 1,260%, rising from around $40 per coin.
Catalysts Behind Zcash’s Price Surge
At the moment, one of the drivers behind ZEC’s rapid price rise is the support and endorsement it received from influential figures like BitMEX founder Arthur Hayes. As it stands, this high-profile backing can be seen as the reason for the surge in investor interest and positive sentiment, fueling ZEC’s recent growth.
To this end, these endorsements have given ZEC a boost in visibility, helping it gain momentum in the market.
DASH and Other Privacy Coins Post Significant Gains
Meanwhile, ZCASH (ZEC) is not the only private coin recording growth; Dash (DASH) has also seen a strong performance, climbing nearly 15% to just under $120. As it stands, the rise has pushed its seven-day gains to over 170%, making DASH one of the top performers among privacy coins.
At the moment, the growing trend of privacy-focused investments, known as the “private meta” movement, has played a part in DASH’s recent success. Additionally, other privacy coins like Railgun (RAIL) also posted solid gains, rising by 14% to reach $3.78. RAIL has increased by 51% in the past week and 192% in the last 30 days, though it remains 30% below its all-time high of $5.48 from October 10. Also, among the 99 privacy coins tracked, Ryo Currency stood out with a remarkable 100% gain.
To this end, however, PRCY and CHAPO were among the worst performers, seeing significant losses of 52.4% and 56.2%, respectively.
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