Despite the market-slamming correction, leading privacy coins continue to rise, attracting investor interest.
Zcash (ZEC) surged about 7.6% over the past 24 hours, hitting an eight-year high of $388 on Friday. Its market capitalization soared to about $6.2 billion, surpassing Monero (XMR) to become the most valuable privacy coin. Its weekly gain over the same period was a staggering 45%.
This trend is particularly noteworthy, emerging amidst a period of adjustment across the cryptocurrency market following the failure of highly anticipated tariff negotiations between the US and China. Zcash's strength, which contrasts with the overall market trend, suggests a marked increase in demand for privacy-focused cryptocurrencies.
Privacy coins are designed to anonymize user transaction information and make it difficult for third parties to track transactions. While their regulatory susceptibility has led to their delisting from major exchanges, demand for transaction privacy remains strong among certain investor segments.
Zcash's recent surge suggests that privacy-focused cryptocurrencies could serve as a differentiating factor in the market, and it also raises the possibility of further movement for related coins depending on future regulatory volatility and political issues.
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