The privacy coin market, with a volume of $7.38 billion, is revitalized against the backdrop of the growth of XVG, XMR, and ZEC.
While market analysts search for an answer to the question: has the alt-season ended or not, anonymous cryptocurrencies have started their rise: the sector grew by 7.8% in just 24 hours.
Monero (XMR) leads the charge, having jumped 12.3% and trading at $194, Zcash (ZEC) rose 15.4%, reaching $64.52. Dash also increased by 16.4% and is now priced at $49.12.
Other privacy coins also showed growth: BDX up 2.2%, DCR up 9.6%, MWC up 6.7%, while Verge (XVG) outperformed the rest with an impressive increase of 37.4%. Zano stocks gained 1%, while railgun stocks rose by 25%.
In the last 24 hours, the global trading volume of privacy coins reached $646.3 million. Besides the impressive growth of XVG, ZKML increased by 26.3%, XHV by 25%, and ONION by 24.3%.
Privacy cryptocurrencies are designed to enhance the anonymity and security of transactions. Unlike traditional cryptocurrencies like Bitcoin, which record transaction details on a transparent blockchain, privacy coins use advanced techniques such as hidden addresses, coin mixing, and cryptographic solutions including ring signatures and zero-knowledge proofs to protect users' identifying information and transaction amounts.
Yesterday's price changes in privacy coins indicate a growing interest in digital currencies focused on user privacy.
During an appearance on Tucker Carlson's show, Bitcoin entrepreneur Roger Ver spoke about privacy coins such as XMR and ZANO, drawing attention to their unique role in the evolving world of cryptocurrency. 'There are things like Monero that most people are using right now because they want to keep their assets secret,' Ver said, emphasizing that he is a big fan of XMR and ZANO.
As cryptocurrencies continue to evolve, their appeal may depend on how effectively they address issues such as financial transparency and user data protection.
This shift in focus may encourage developers and privacy advocates to expand the boundaries of using anonymous cryptocurrencies, keeping privacy as a main and indispensable feature in the world of cryptocurrencies.
The duration of this growth may depend on global politics and advancements in privacy technology.
However, the behavior of regulators criminalizing anonymous ownership of cryptocurrencies, contrary to the opinion of not-so-experienced experts, will not only fail to scare crypto enthusiasts away from owning privacy coins but will eventually make anonymous cryptocurrencies a new explosive trend in the coming years.
When cash is abolished, CBDCs are introduced universally, all crypto wallets are deanonymized, non-custodial ownership of cryptocurrencies and autonomous wallets are legislatively banned, privacy coins will remain the only assets that no one can ever take away from you.
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