Fun

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week

News Feed - 2022-08-29 11:08:43

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week


The privacy coins monero and zcash managed to see fewer percentage losses against the U.S. dollar this week, in contrast to crypto assets like bitcoin, ethereum, and solana. Seven-day statistics indicate zcash has lost 5.6% against the USD, while monero dropped by 6.1%. Privacy Coins Manage to Stave off Some of This Week’s Market Carnage, but Are Still Down 62% Lower Than 9 Months Ago


At the time of writing, the entire market capitalization of all the privacy coins in existence is roughly $5.55 billion. Monero (XMR) leads the pack with a market valuation of around $2.64 billion or 47.5% of the entire privacy coin economy. Zcash (ZEC) is the second largest privacy coin in terms of market capitalization as ZEC’s overall market valuation today is $789 million. The top five privacy coins by market valuation on August 29, 2022.


Behind XMR and ZEC, are privacy tokens such as decred (DCR), nucypher (NU), secret (SCRT), horizen (ZEN), ergo (ERG), digibyte (DGB), and beldex (BDX), respectively. Top privacy coin double-digit gainers this week include deeponion (ONION), litecash (CASH), pivx (PIVX), and masari (MSR). The week’s top privacy coin losers in terms of percentage losses include tokens like zclassic (ZCL), lethean (LTHN), and phore (PHR). XMR/USDT 1H chart.


The top five privacy coin crypto assets make up most of the $5.55 billion in privacy coin value, and each token offers different types of privacy techniques. XMR is a Cryptonote token with a blockchain protocol that was not forked from Bitcoin. XMR uses ring signatures, ring confidential transactions, stealth addresses, bulletproofs, and Dandelion++. The ZEC network can shield transactions by leveraging a zero-knowledge proof called zk-SNARKs. ZEC/USDT 1H chart.


Decred (DCR) utilizes a Coinjoin mixing scheme called Coinshuffle++ (CSPP) to obfuscate transactions. Nucypher (NU) deploys Proxy Re-Encryption (PRE), a technology that allows the owner of the private key to encrypt data. Similar to NU, the Secret (SCRT) blockchain provides key management techniques, Trusted Execution Environment (TEE) schemes combined with encryption to enhance privacy.


While privacy coins have taken less of a beating this week compared to ETH or BTC, they still have lost quite a bit of value during the last year. Four months ago the privacy crypto coin economy was worth a whole lot more, at $10.7 billion. XMR’s overall market valuation was $4.13 billion and ZEC’s was $1.84 billion on April 28, 2022. Nine months ago on November 6, 2021, the privacy token economy was worth $14.9 billion.


At that time in November 2021, NU was not in the top five, as horizen (ZEN) held the fifth position in terms of privacy coins by market cap. XMR’s overall market valuation was $4.69 billion. ZEC’s market capitalization on November 6, 2021 was slightly higher than the April 28, 2022 record with $1.94 billion. In November 2021, XMR’s and ZEC’s market caps combined were larger than today’s privacy coin economy value. Tags in this story bulletproofs, CoinJoin, Dandelion, Decred, horizen, Mixing Coins, Monero, Nucypher, Privacy, Privacy Assets, privacy coins, privacy crypto, Privacy techniques, Privacy Tokens, ring confidential transactions, Ring Signatures, Secret, stealth addresses, xmr, Zcash, ZEC, zen


What do you think about the privacy coin market action in recent times? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Reports Say FTX Warns Customers Not to Interact With Aztec Network, CEO Sam Bankman-Fried Responds PRIVACY | Aug 21, 2022 Crypto Community Responds to Tornado Cash Sanctions, Privacy Advocates Say "There Are Many Legitimate Reasons to Seek Financial Anonymity" PRIVACY | Aug 12, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleArgentinian Province Mendoza Starts Accepting Tax Payments in Crypto Next articleUN Human Rights Chief Voices Concern Over Assange Extradition Case, Wikileaks Continues to Raise Large Sums of Crypto Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Small creditors put at risk by latest FTX bankruptcy development
Josh O"Sullivan10 hours agoSmall creditors put at risk by latest FTX bankruptcy developmentThe transfer of the bankruptcy claim from FTX EU to FTXcreditor could have a significant impact on stakeholders.6428 Total views3
Bitcoin Price Crash To $100,00 Loading: Next Targets Revealed As Bears Take Over
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
How high can Bitcoin go? New BTC price prediction sees cycle top at $180K
Zoltan Vardai1 hour agoHow high can Bitcoin go? New BTC price prediction sees cycle top at $180KBTC price can more than double in price this cycle, thanks to Bitcoin ETFs, next month"s halving, and easing monetary condit
XRP Flirts With A Daily Range Breakdown – Price Must Hold Above $2 Level
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin flash crash wipes $1B in ‘speculative excess’ from markets
Martin Young4 hours agoBitcoin flash crash wipes $1B in ‘speculative excess’ from marketsBillions of dollars in leverage was wiped from the crypto market as Bitcoin plunged 14% in a few hours after briefly notching a
Luck Strikes Again: Player Wins 6 BTC Jackpot on Book of the Fallen at Bitcoin.com Games
Luck Strikes Again: Player Wins 6 BTC Jackpot on Book of the Fallen at Bitcoin.com Games A thrilling adventure in Book of the Fallen by Pragmatic leads to a huge win of 6 BTC! Anot
Hashrate recovery reduces Bitcoin miners’ selling pressure in July
Ana Paula Pereira6 hours agoHashrate recovery reduces Bitcoin miners’ selling pressure in JulyMiner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners’ reserves.2002 Total vi
Worldcoin: Unlocking the future of digital identity with proof of personhood
Savannah Fortis9 hours agoWorldcoin: Unlocking the future of digital identity with proof of personhoodThis episode of Decentralize with Cointelegraph explores how Worldcoin is pioneering the future of digital identity th
Ana Paula Pereira17 hours agoAave v3 fork debuts noncustodial liquidity markets on BaseSeamless Protocol, a fork of Aave v3 deployed on Base, enables smart contracts with predetermined borrowing strategies to conduct und
Ezra Reguerra14 hours agoChinese city of Jinan accepts CBDC payments for bus ridesThe Chinese city of Jinan is pushing for CBDC adoption by implementing digital yuan payments across its entire bus network.3457 Total view
Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation
Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation Coinbase CEO Brian Armstrong says “the more regulation t
Pro-Bitcoin Senator Cynthia Lummis pushes stablecoin bill
Helen Partz13 hours agoPro-Bitcoin Senator Cynthia Lummis pushes stablecoin billPro-Bitcoin Senator Cynthia Lummis is drafting regulations for stablecoins after attacking major stablecoin firm Tether in 2023.20967 Total