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Private cryptocurrencies Monero, Zcash and Secret have shown some of the biggest profits in the last 24 hours. The cryptocurrency market rebounded from Tuesday’s support levels, increasing its total capitalization by more than 6%.
Over the course of the day, the price of Monero (XMR) added 25%, climbing to $277 on Binance, then it corrected to $196. Over the same period, Zcash (ZEC) and Secret (SCRT) increased by 16%, reaching price levels not seen since end of January.
Analysis of price action shows that XMR could drop to the $180 support level, while ZEC and SCRT could drop from their current $137 and $5 to $129 and $4.20 respectively.
Some analysts say that the ability to mask the wallet address and user identity could increase investor demand for privacy coins.
Unlike Bitcoin, Monero and Zcash use a cryptographic process to ensure that transactions cannot be linked to wallet owners and cannot be tracked.
Participants in the crypto space believe that in the context of the imposition of sanctions against Russian citizens, the relevance of such coins increases significantly. However, it is unlikely that regulated crypto exchanges will return support for operations in such cryptocurrencies.
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