It was in 2017 when privacy crypto coins like Monero (XMR) and DASH rose to their highest prices. By the end of the year, XMR was nearing US$ 500 while Dash went on to almost hit the US$ 1650 mark. After a very short while, these privacy crypto coins fell by 92% and 96% respectively. While it was widely assumed that privacy coins have lost their position in the market, reports in early 2020 have indicated otherwise.
In the past seven days, XMR has shown a positive 10% rise whereas DASH jumped up by 140% from US$ 52 to US$125. With this DASH has made its place in the top 10 cryptocurrencies by market capitalization value. Zcash has soared by 66% and Zcoin rose by 60% in just 7 days.
Privacy crypto coins return – Bull cycle approaching
With such a sudden surge in the prices, the crypto sphere is now wondering if the privacy crypto coins are making their return in 2020. Some of the analysts now believe that another major bull cycle is about to come and this is just the indication for that.
Normal cryptocurrencies like Bitcoin record the details of the sender and recipient for every transaction. Privacy coins like Monero hide all the information, which was one of the primary reasons why these coins rose to their fame in 2017. Given this, it was also believed that privacy coins are used to carry out illegal activities. However, Q2 reports in 2019 reported otherwise.
With the increasing need in the privacy of individuals and authorities, there is a huge chance that privacy coins will resurface this year with a bigger impact.
Monero is already one of the most famous cryptocurrencies in the market today. A lot of outlets have started accepting it for transactions. Similarily DASH has collaborated with Burger King outlets in Venezuela. As a result, DASH shot up around 80% in just 24 hours as soon as the news was disclosed.
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