Crypto privacy coins have become the front-runners of the market recently, rallying even when Bitcoin and other altcoins have been on the decline. As the privacy narrative continues to run, there have been obvious winners and some that are yet to move in accordance. So, here is a list of some of the most popular privacy cryptocurrencies that could be on their way upward as investors rush to take advantage of this new narrative.
ZCash (ZEC) Leads Recovery For Crypto Privacy Coins
ZCash (ZEC) has moved up rapidly recently to become the foremost crypto privacy coin by market cap. The network, which is focused on providing privacy and anonymity for crypto users, saw the price of its native ZEC token rise by more than 40x in one month.
ZCash (ZEC) has become one of the foremost cryptocurrencies because it provides total anonymity for crypto users. This means that transactions on the network are untraceable, and users can keep their transaction history completely secret by using ZCash.
Even after rising to more than $700, expectations are that the price will continue to rally, with calls for $1,000 becoming louder on social media platforms. Currently, ZCash’s market cap is above $11 billion, putting it ahead of the likes of Litecoin (LTC).
Monero (XMR) Loses Privacy Coins Lead
Interestingly, Monero (XMR) is known as the OG privacy coin and was the first to go ‘mainstream’ when it comes to the crypto industry. It gradually became synonymous with hiding crypto transactions, and this drew a different kind of attention to the cryptocurrency.
Governments began paying attention as rumors circulated that bad actors were using Monero (XMR) to move their illicit cryptocurrencies, earning bans from various governments. This led to the delisting of Monero (XMR) from exchanges such as Binance and Kraken.
As a result of the crackdown, the Monero (XMR) price has struggled to keep up with the market. Data from CoinMarketCap puts it as the third-largest privacy coin, losing its top spot to the likes of ZCash (ZEC) and Litecoin (LTC).
Litecoin (LTC) Could Be Gearing Up For A Bounce
Out of the top 3 privacy coins listed on CoinMarketCap, the Litecoin price has performed the worst. In the last month, the ZEC price has risen by over 200%, Monero has rallied more than 35%, while Litecoin (LTC) has shown less than 10% gains for the same time period.
Given this, it is likely that attention will turn to Litecoin next as investors jump out of the likes of ZEC with their gains. Such a movement could put the Litecoin price above $150,000 in the short term if there is a breakout with momentum.