Since late April, the top privacy crypto asset by market capitalization went from a combined value of $10.7 billion to today’s valuation of about $5.09 billion. During that time frame, Monero is down 48% in value, while zcash is down 56% against the US Dollar.
Privacy Coin Economy Sheds Billions Since End of April
The top five privacy crypto coins monero (XMR), zcash (ZEC), Decred (DCR), nucypher (NU), and horizen (ZEN) have lost significant value during the past two months. On April 28, 2022, archived data shows that the top privacy crypto asset by market capitalization was valued at $10.7 billion.
Since then, the entire privacy-focused coin is down 54% in a 54-day period. XMR then joined hands for $227.96 and today XMR is $123.15. ZEC was trading for $148.92 per unit and it is currently changing hands for $68.61 per unit.
Furthermore, Cosmos-based Secrets (SCRT) used to be the fourth largest privacy coin, but today it ranks sixth. Horizon (ZEN) was in sixth place at the time, but today it is in fifth place.
Similarly, nucypher (NU) jumped from fifth to fourth place in terms of privacy-focused tokens by market valuation. While XMR lost 48% in value since April 28, the coin dropped 32% of that metric during the past 30 days.
ZEC’s loss from that day was 56% but compared to the previous month, the USD value of ZEC fell by 37%. While the largest privacy coins in terms of market cap have seen seven-day single-digit gains over the past week, several lesser-known privacy cryptos have seen double- and triple-digit gains.
Zclassic (ZCL) jumped over 129%, scala (XLA) gained 105%, cloakcoin (CLOAK) gained 57.7%, and firo (FIRO) gained 19.5% over the past week. However, the privacy coin Current (KURT) declined 43.1%, Mimblewimble coin 23.7% and Ghost (GHOST) declined 19% compared to the previous week.
Monero and Zcash are the top two privacy coins today in terms of market cap and out of $5.09 billion, the two tokens command $3.082 billion of that value. XMR and ZEC combined represent 60.55% of all privacy coin market caps.
What do you think about the current state of privacy coins and their market performance over the past two months? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.