Zcash (ZEC), a veteran privacy coin and the second biggest cryptocurrency in this space, mysteriously added about 350% in just two weeks. Here are some privacy coins that followed suit.
ZEC 350% price jump triggers privacy coins' rally
Zcash (ZEC), the largest privacy coin after Monero (XMR), has routinely hit new price highs over $268. Two months ago, its price barely exceeded $40 on spot exchanges.
The biggest rally happened in the last 14 days, when the price of Zcash (ZEC) followed a parabolic trajectory. The euphoria was supported by the endorsement of some key crypto opinion leaders, including Helius Founder Mert Mumtaz.
The number of privacy coins followed the rally of the ZEC price. For instance, Railgun (RAIL) added over 185% in the last seven days.
Dash (DASH), another old-school privacy cryptocurrency, has jumped by 38% in 24 hours. The price of Firo (FIRO) doubled overnight and reached a multiyear high over $1.65.
"It's privacy season, better late than never": Expert Simon Dedic
Tornado Cash's Torn and Monero (XMR), the largest privacy cryptocurrency, also registered strong rallies in recent weeks.
Simon Dedic, a founder and managing partner of blockchain consulting firm Moonrock Capital, is not surprised by the privacy coins finally rocketing:
So after more than 16 years of crypto, the masses have finally discovered privacy as an exciting use case lol. It’s privacy season, better late than never I guess.
Privacy coins represent a specific class of cryptocurrency assets that cannot be tracked: third parties are not able to recover transaction details, including the amount, time and addresses involved.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team