In a surprising turn of events, privacy-focused cryptocurrencies have emerged as top performers in the crypto market, outpacing many major tokens amid general volatility. According to recent analyses, privacy coins like Zcash (ZEC), Monero (XMR), and Dash (DASH) have not only weathered last Friday's flash crash but also posted substantial gains over the past month. Zcash surged by an impressive 405%, Dash by 110%, and Monero by over 6%, highlighting their resilience and strong buying momentum.
The revival of privacy coins is attributed to several factors, including growing public awareness of surveillance issues and regulatory events such as the U.S. Department of Justice's seizure of $14 billion in Bitcoin and Japan's crackdown on insider trading. A report from Milkroad noted that privacy coins and exchange tokens were the only two crypto sectors to maintain profit margins in the last 30 days, with search volume and media coverage for privacy-focused assets reaching all-time highs.
Technically, Zcash broke out of a multi-year falling wedge pattern, peaking at $295 before settling around $250, while Dash reclaimed the $50 level for the first time since early 2024. Monero faced resistance at $340 but showed potential for further gains if it surpasses this threshold. Endorsements from figures like Naval Ravikant and increased on-chain activity have fueled this resurgence, with Dash's daily trading volume spiking to over $600 million at one point.
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