Since the end of April, the top privacy crypto assets by market capitalization went from a combined value of $10.7 billion to today’s valuation of around $5.09 billion. During that time frame, monero lost 48% in value while zcash shed 56% against the U.S. 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 last two months. On April 28, 2022, archived data shows that the top privacy crypto assets by market capitalization were valued at $10.7 billion.
Since then, the entire lot of privacy-centric tokens lost 54% over a 54-day period. XMR exchanged hands for $227.96 back then and today XMR is $123.15. ZEC was trading for $148.92 per unit and it’s currently changing hands for $68.61 per unit.
Moreover, the Cosmos-based secret (SCRT) used to be the fourth largest privacy coin, but today it is in the sixth position. Horizen (ZEN) was in the sixth position at that time, but today it is ranked fifth.
Similarly, nucypher (NU) jumped ahead a spot from fifth to fourth in terms of privacy-focused tokens by market valuation. While XMR lost 48% in value since April 28, the coin shed 32% of that metric during the past 30 days.
ZEC’s loss since that day was 56% but over the last month, ZEC’s USD value slipped by 37%. While the largest privacy coins in terms of market cap have seen seven-day single-digit gains this past week, a number of lesser-known privacy cryptos have seen double and triple-digit gains.
Zclassic (ZCL) jumped over 129%, scala (XLA) increased by 105%, cloakcoin (CLOAK) gathered 57.7% in gains, and firo (FIRO) rose by 19.5% this past week. However, the privacy coin kurrent (KURT) lost 43.1%, mimblewimble coin shed 23.7%, and ghost (GHOST) dropped by 19% over the last week.
Monero and zcash are the top two privacy coins today in terms of market cap and out of the $5.09 billion, the two tokens command $3.082 billion of that value. XMR and ZEC represent 60.55% of all the privacy coin market caps combined.
What do you think about the current state of privacy coins and their market performances over the last two months? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of 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 caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/top-privacy-cryptocurrencies-by-market-cap-lost-half-their-value-in-less-than-2-months/