As a seasoned crypto investor with a knack for privacy coins, I can’t help but feel a sense of exhilaration watching this sector surge yet again. The past few days have been nothing short of a rollercoaster ride, with Verge (XVG), Zcash (ZEC), and Monero (XMR) leading the charge.
On December 11, the focus shifted towards privacy coins as they took center stage due to a market surge, with significant increases observed in major token prices.
24-hour data analysis from cryptocurrency price monitoring platforms showed that Verge (XVG) experienced a substantial increase of approximately 37.4%. Similarly, Zcash (ZEC) and Monero (XMR) also saw significant growth, with ZEC rising by 15.4% and XMR increasing by 12.3%.
Privacy Coin Resurgence
On December 12th, the sector managed to replicate its success yet again, as data from CoinGecko suggests that privacy coins experienced a growth of approximately 10.3% within the last 24 hours.
Currently, the total worth of both entities amounts to approximately $7.53 billion. Notably, NuCypher (NU) is at the forefront of the group of rising stocks. Its price surge reached an impressive 85.6%, causing it to rise to $0.1805. Similarly, Verge experienced a 51.8% increase, bringing its value up to $0.01704. Furthermore, Verge’s trading volume saw a dramatic spike, reaching a staggering $361 million – the highest among similar assets.
Together, the total daily trade volume amounted to approximately $908.6 million, marking a significant increase of over $262 million compared to the previous day’s volume of around $646 million.
Most larger digital coins saw modest increases, but XMR added 5.7% to its price but now has a market value of $3.6 billion. With its price at $197.22, XMR also showed an increase in its one-day trading volume, reaching $147 million, suggesting high volatility and strong demand from investors.
Over a 24-hour span, ZEC increased by 6.9%, reaching a price of $64.33. In the same timeframe, Dash (DASH) experienced a 5.5% growth and is now being traded at $49.61.
Over a span of seven days, an under-the-radar coin called Cloakcoin (CLOAK) saw the highest gains, surging by over 104%. Conversely, many well-known privacy coins experienced losses during that period. Dash dipped 13.5%, Zcash recorded a 11.4% decrease, and Verge fell by 6.7%. Monero’s decline was relatively minor at just 0.8%.
Monero, Zcash, Catching a Bad Rep
Privacy-focused digital currencies enable users to transfer money anonymously by employing sophisticated cryptographic methods like ring signatures and hidden addresses.
Consequently, these cryptocurrencies have attracted attention from law enforcement agencies due to their ability to hide transactions. In fact, financial regulators in Dubai banned all transactions involving certain digital currencies like Monero (XMR) and Zcash (ZEC) in July, aiming to thwart criminals who might use them for illegal activities such as money laundering and insider trading.
In 2018, Japan’s financial regulatory body cautioned against the use of privacy coins, leading platforms like Huobi and Bittrex to remove them from their listings. Earlier in the year, a crime-fighting unit within the country arrested 18 individuals suspected of scamming activities after scrutinizing their Monero transactions. This group is said to have laundered over 900 transactions totaling approximately $670,000 using Monero.
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2024-12-12 18:14