Monero and Zcash surge over the week
Most of the “big” cryptocurrencies have experienced very measured increases over the past week. Bitcoin (BTC) shows a meager good +0.4%Ether (ETH) is at the same point with +0.7%, and Binance’s BNB even drops by -1.8%.
But in the face of that, the anonymous altcoins Monero and Zcash seem in notable shape. Over the last seven days, the XMR has thus posted +19%. At the ZEC, the leap is even clearer: it increased by +49.5% over the same period :
The ZEC progressed by nearly +50% over the week
This pushes the capitalizations of the two cryptocurrencies back into the top 100. Zcash is now installed in 62nd place, with a capitalization of $1.8 billion and Monero is 38th, with $3.3 billion.
According to data published by Cryptoslate, the trend is otherwise observable at all “privacy corners”. Their combined market cap thus shows an increase of +12.9% over the last seven days.
? More information about the anonymous cryptocurrency Monero (XMR)
How to explain these progressions?
With the crypto community being particularly fickle, anonymity altcoins haven’t been particularly in the headlines in recent months, and their prices had tended to fall. How then can this renewed interest in Zcash and Monero be explained?
Of course, we can only speculate, but it is likely that the traceability of “classic” cryptocurrencies has been particularly highlighted in recent weeks. Economic sanctions against Russia were discussed, and with it the idea that cryptocurrencies are globally too traceable for Putin to use. The attraction for ZEC and XMR is therefore perhaps a reaction to this awareness of the transparency of the main blockchains.
I really think Privacy coins are due a pump in 2022. All this Russia stuff will also push it further on. A coin that can store value privately will be very valuable in uncertain times.
— Kamal (@eth_kamal) March 12, 2022
We can also mention sustained attention from regulators, who are watching crypto-assets more at the moment. Today, the MiCA regulation should be voted on at European level, and the supervision of the mining sector is worried, while it is still unclear how the new rule could be applied.
The situation in Ukraine has also shown how easy it is to block funds on centralized platforms. Proof of this has been made by Coinbase, which has precisely blocked 25,000 addresses belonging to Russians last week.
Although the crypto community has overwhelmingly supported Ukraine, it is therefore concerned about the fallout of the situation on the ecosystem as a whole. Several politicians have indeed taken advantage of the concerns to encourage stricter regulation of cryptocurrencieseven though Putin has shown no signs of using them.
Could anonymity altcoins then progress, and attract new investors? That remains to be seen, but this week tends to indicate that they are of interest, at least to a fraction of the crypto community.
? Read About It – Russia will not be able to circumvent sanctions with cryptocurrency, experts say
Source: Cryptoslate – Chart: TradingView, ZEC/USDT
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About the Author : Marine Debelloir
Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
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