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The privacy-coin crypto market has taken a noticeable knock, moving in lockstep with bitcoin and ethereum as both slid lower. While the broader crypto economy is off more than 4% over the past day, the privacy-coin segment has fared worse, slipping 9.9% against the greenback.
Crypto Pullback Sparks Sharp Sell-Off Across Privacy-Focused Tokens
After a stretch of heated rallies, crypto assets built to boost financial privacy cooled off sharply today, with many posting double-digit drops during Tuesday’s trading. Priced at $503 per $XMR, monero sank 16.8%, and seven-day figures show $XMR is down 24.3% from the prior week.
Every one of the top 10 privacy coins is flashing red today, and the second-largest by market cap, zcash (ZEC), fell 7.5% on the day and 10.8% for the week, now changing hands at $346.57 per coin. Dash ( $DASH) absorbed an 11.7% slide Tuesday, though seven-day data shows $DASH is still up 23.9% at current prices of $69.61 per unit. Beldex (BDX) is lower by 1.6% on the day and 4.7% on the week, while decred (DCR) dropped 10.3% today but, like $DASH, remains 10.2% higher over seven days.
The sixth-place contender, mimblewimblecoin (MWC), slipped 2.8% in the past 24 hours and 3.2% for the week. Horizen ($ZEN) declined 11% against the greenback on Tuesday, yet compared with seven days ago, $ZEN is still up a slim half-percentage point. The privacy token zano (ZANO) fell 7% over the past day and logged an additional 19.7% loss over the week. Meanwhile, verge (XVG) slid 8% today and is down 6.2% over the same period.
Finally, rounding out the top 10 is dusk ($DUSK), which also took a heavy blow, dropping 18.2% today. Even so, $DUSK is up 210.6%, claiming the 10th spot from pirate chain ($ARRR). Now sitting in 11th place, $ARRR fell 20.6% today and is down 27.7% for the week against the U.S. dollar. While the privacy-coin pullback mirrors the broader slide across the crypto economy and BTC’s dip, lofty valuations reached last week appear to have set the stage for a steeper sell-off in this corner of the market.
Also read: XRP Repeats 2022 Market Structure as Pressure Builds Below $2
Privacy coins didn’t collapse in isolation; they simply caught the full force of a broader crypto pullback. As bitcoin and ethereum cooled, privacy-focused tokens paid the price for last week’s elevated valuations. Short-term pain now defines the tape, but mixed weekly figures hint at selective resilience. Whether this marks routine digestion or a deeper reset will depend on how quickly market sentiment steadies again soon.
FAQ ❓
- Why did privacy coins drop today? Privacy coins slid as the broader crypto market pulled back, with selling pressure intensifying after last week’s elevated prices.
- Which privacy coins fell the most? Monero, Dusk, and Pirate Chain posted the steepest losses during Tuesday’s trading session.
- Did any privacy coins hold up better? A few tokens like Dash and Decred remain higher on a seven-day basis despite daily declines.
- Is the privacy coin sell-off linked to bitcoin? Yes, the downturn tracked bitcoin and ethereum’s dip, amplifying losses across the privacy-focused segment.