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Zcash ($ZEC), a veteran privacy coin and the second biggest cryptocurrency in this space, mysteriously added about 350% in just two weeks. Here are some privacy coins that followed suit.
$ZEC 350% price jump triggers privacy coins' rally
Zcash ($ZEC), the largest privacy coin after Monero ($XMR), has routinely hit new price highs over $268. Two months ago, its price barely exceeded $40 on spot exchanges.
The biggest rally happened in the last 14 days, when the price of Zcash ($ZEC) followed a parabolic trajectory. The euphoria was supported by the endorsement of some key crypto opinion leaders, including Helius Founder Mert Mumtaz.
The number of privacy coins followed the rally of the $ZEC price. For instance, Railgun (RAIL) added over 185% in the last seven days.
Dash (DASH), another old-school privacy cryptocurrency, has jumped by 38% in 24 hours. The price of Firo (FIRO) doubled overnight and reached a multiyear high over $1.65.
"It's privacy season, better late than never": Expert Simon Dedic
Tornado Cash's Torn and Monero ($XMR), the largest privacy cryptocurrency, also registered strong rallies in recent weeks.
Simon Dedic, a founder and managing partner of blockchain consulting firm Moonrock Capital, is not surprised by the privacy coins finally rocketing:
So after more than 16 years of crypto, the masses have finally discovered privacy as an exciting use case lol. It’s privacy season, better late than never I guess.
Privacy coins represent a specific class of cryptocurrency assets that cannot be tracked: third parties are not able to recover transaction details, including the amount, time and addresses involved.