Cryptocurrencies with a focus on private transactions such as Monero (XMR), Zcash (ZEC) and Dash (DASH) have pumped over the past 24 hours as the other cryptocurrencies in the market become sluggish, slow movements occurring.
Briefing
Going to the top 10 cryptocurrencies according to market cap, it is evident that all of the top 10 have experienced losses over the past 24 hours, a column of red running under the 24 hours section. No new significant action appears to be within the top 10, all cryptocurrencies appearing to be at the same position as it was yesterday, experiencing a small knockback for today. This can indicate the dip period before a bullish period, though it is also possible for a bearish period to follow or none at all, the crypto market unpredictable with its patterns.
Looking at the top gainers over the past 24 hours, several private coins can be noticed. The most noticeable is the popular face of private coins XMR, taking a 24 hour gain in this snapshot of 18.8%, its entire row green. There is also ZEC further down the leaderboard with a gain of 16.1%, another popular private coin, followed by DASH with a gain of 7.7%. Other private coins have had considerable gains, some others having some gain or lose like the general trend of the crypto market for today.
Going into the categories of cryptocurrencies on CoinGecko, privacy coins take a solid 1st place for gains over the past 24 hours at 4.9%, the gap with its following category masternodes 1.1%. It is noticed that at 10th place red begins to appear on the movement over the past 24 hours, meaning that all other categories of cryptocurrencies have had loses after the top 9. This indicates the pump privacy coins have experienced in the crypto market, the remaining moving at a slowing pace, many falling for losses.
The statistics for the classification of privacy coins on CoinGecko is as follows:
- Market cap - $15,253,722,196
- 24h Trading volume - $4,122,596,606
- Number of coins - 69
- Rank - 15th
- 24h Movement - +4.9%
What Are Privacy Coins?
Although most cryptocurrencies are decentralised and have good privacy, it is not completely private. Transactions and wallets can be searched and tracked, which in a sense compromises the privacy of cryptocurrencies. It includes top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and BNB (Binance Coin), each with its own blockchain explorers. What this means is that if anyone wanted to know the details of a wallet (e.g. token held and transactions made), then a person can go through the cryptocurrency's block explorer and find it out by inputting a wallet, token or other information to find other the desired details. This does not happen with privacy coins, payments remaining private and different level of privacy within the cryptocurrency's blockchain.
The top 5 privacy coins according to the market cap are:
- Monero (XMR)
- Dash (DASH)
- Zcash (ZEC)
- Decred (DCR)
- Horizen (ZEN)
Further Reading
Investopedia- 6 Private Cryptocurrencies - https://www.investopedia.com/tech/five-most-private-cryptocurrencies/
ShapeShift - What Are Privacy Coins? - https://medium.com/shapeshift-stories/what-are-privacy-coins-6df8622ebf76
CryptoPotato - Privacy Coins Soar as Bitcoin Dipped Below $35K (Weekend Watch) - https://cryptopotato.com/privacy-coins-soar-as-bitcoin-dipped-below-35k-weekend-watch/