bt-crow.com
29 m
Privacy-focused altcoins like Monero, Zcash and Secret have been some of the fastest-growing over the past 24 hours as the crypto market bounced off Tuesday’s support levels, increasing their total market capitalization by more than 6%. This day for anonymous tokens has become the most productive in recent months
XMR (Monero) is up over 25% in the last 24 hours, climbing to $277 on Binance before dropping to $196 at the time of writing. ZEC (Zcash) and SCRT (Secret) surged 16% over the same period, hitting highs since the end of January.
Analysis of the price chart shows that XMR could fall 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 masking the wallet address and user identity could play a role in increasing investor demand for privacy coins.
“Due to the quality of protecting identity and transaction details, many cryptocurrency users still believe that privacy tokens help anchor the core principles of blockchain transactions,” Alexander Mamasidikov, co-founder of crypto bank MinePlex, wrote in an email to CoinDesk.
In his opinion, these tokens have inherent qualities and use cases that many investors believe will also help increase demand for them across the board.
Monero and Zcash, unlike BTC or ETH, use a cryptographic process to ensure that transactions cannot be linked to wallet owners and cannot be tracked.
Such an arrangement is useful for some users in the current situation: exchanges such as Coinbase reportedly blocked more than 25,000 crypto addresses associated with illegal activity last Sunday.
Crypto exchanges have been forced to keep an eye on crypto-related activities linked to Russia, especially as the country faced sanctions from Western countries following its invasion of Ukraine. The sanctions include blocking the financing of Russian enterprises and organizations, as well as a ban on the purchase of Russian goods and products.
#Privacyfocused #cryptocurrencies #gaining #popularity
