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Investor demand for financial privacy is fueling a rally in privacy-preserving cryptocurrencies, signaling renewed interest in self-sovereign blockchain transactions.
The privacy-preserving cryptocurrency’s market cap has surged about 80% in the past week to briefly surpass $24 billion earlier Monday before retreating 2.9% to $23.7 billion at the time of writing. according to to the CoinGecko data aggregator.
stretch (DASH) and Zcash (ZEC) were among the top performing privacy coins last week, with 65% and 9.55% gains, respectively.
The privacy coin’s rally occurred despite a broader crypto market downturn, which saw the total crypto market fall 3.7% in the past week, from $3.96 trillion to $3.81 trillion, signaling growing investor demand for financial privacy.
privacy coins such as Zcash and Monero (XMR) obscure the sender, recipient and transaction details, offering greater anonymity than pseudonymous cryptocurrencies such as Bitcoin (BTC).
Related: Why Zcash and privacy tokens are back in the conversation
Investors seek financial privacy, “encrypted” Bitcoin: analyst Nansen
“Privacy is increasingly seen as a necessity rather than a feature,” Jake Kennis, senior research analyst at Nansen, told Cointelegraph. “This renews the ideological demand for sovereign private transactions”.
Kennis said the expansion of Zcash’s protected pool and improvements in its technology, including the Zashi wallet for shielded transfers and Solana integration, make privacy transactions more accessible.
Zcash’s fixed supply of 21 million coins, its proof-of-work (PoW) consensus model and its privacy setting based on zk-SNARK technology position it as an “encrypted Bitcoin” for investors looking for private transactions, Kennis added.
Zk-SNARKs are cryptographic primitives that can share any piece of data that can be processed between two parties on a public blockchain network, with the aim of enhancing digital privacy. They are an interaction of zero knowledge test technology
Related: Saylor Strategy Targets S&P 500 Inclusion After Q3: 10X Research
Arthur Hayes Tips $10,000 ZEC Tokens Before Zcash Hits Eight-Year High
Zcash hit a more than eight-year high of $388 on Friday, briefly flipping Monero to become the most valuable privacy coin.
The rise to an eight-year high came days after BitMEX co-founder Arthur Hayes predicted a ZEC token. rally to $10,000further enhancing the buzz around the token.
Zcash gathered together from $272 to a peak of $355 in the hours following Hayes’ bullish forecast on Sunday, Cointelegraph reported.
Magazine: The EU’s privacy-destroying chat control bill has been delayed – but the fight isn’t over
