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Altcoins today: privacy coins add over $2B as ZEC and DASH extend gains
Virtual tokens displayed considerable selling pressure in the past day, with Bitcoin stuck around the $103,000 vicinity.
The global cryptocurrency market cap remained relatively stable with a 0.02% dip to $3.41 trillion.
Meanwhile, one segment thrived amidst the broader sluggish performance.
Data from Coingecko shows privacy cryptocurrencies decoupled from the overall market downturn.
The sector added more than $2.2 billion within the past 24 hours, following an over 8% increase to $26.91 billion.
Also, the robust $4.41 million in daily trading volume suggests significant trader activity in privacy-focused digital tokens.
That comes as coins dedicated to confidential blockchain transactions, including Zcash, Dash, and Ergo, maintain bullish price structures after the latest rallies.
The trio dominated trends among privacy tokens with up to 20% gains over the past 24 hours.
On the other hand, lesser-known Lit Protocol (+65%), Xelis (+40%), and Namada (+24%) were top gainers over the past 24 hours.
While the green price charts entice traders and investors, significant rallies in privacy tokens amid broader market slumps confirm shifting sentiments among market participants.
Traders are now favoring untraceable, decentralized financial environments to navigate the intensifying regulatory enforcement against cryptocurrencies.
ZEC and DASH continue winning streaks
Zcash, the largest privacy coin by market capitalization, recorded remarkable surges lately, gaining more than 470% in 30 days.
It has maintained its upside momentum after an over 15% and 60% gain in the past day and week respectively.
ZEC is hovering at $532, with a soaring trading volume confirming stability.
Technical indicators support more rallies after continued gains from around $53 in late September.
Dash gained over 15% the past 24 hours, now up 180% the past week.
The altcoin is trading at $125 with optimistic on-chain and technical metrics hinting at continued rallies.
ZEC and DASH appear poised for more uptrends as broader attention remains on privacy cryptocurrencies.
What’s fueling privacy cryptos?
The decouple coincides with renewed debates about monetary privacy and surveillance in traditional and blockchain platforms.
Reports of governments targeting blockchain transactions have sparked discussions around the anonymity of digital payments.
Recently, the US sanctioned North Korea for using cryptocurrency to fund its missile and weapons of mass destruction initiatives.
Analysts attribute the current momentum among privacy coins as a hedge against looming regulatory pressure.
These coins are offering an alternative for individuals seeking confidentiality as centralized exchanges (CEXs) implement stricter AML and KYC protocols.
If this momentum continues, privacy cryptocurrencies could establish themselves as legitimate tools for preserving digital freedom in the increasingly regulated financial landscape.
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