Monero (XMR) Makes Up Nearly 47% Of Total Privacy Coin Market Followed By Zcash (ZEC) With 17%
Monero Makes Up Nearly 47% Followed By Zcash With 17% Of Total Privacy Coin Market
Privacy is the need of today and in the cryptocurrency space, there are myriad of coins that are specifically focused on privacy.
With privacy it means, the number of coins you own, send, and received are not traceable or linkable via transaction history on the blockchain.
Though Bitcoin offers anonymity, it doesn’t provide privacy as Bitcoin blockchain is completely transparent. But there have been proposals for improving privacy in Bitcoin that are currently under process.
Monero Leads Privacy Coins
With a market cap of $1.15 billion, Monero is the 13th largest cryptocurrency that holds the highest weight among the privacy coins. XMR holds a weight of 46.9 percent, the dominant privacy cryptocurrency which is trading at $68 with over 4 percent loss, at the time of writing. So far in 2019, XMR is up 50 percent.
The demand for Monero that offers a blend of privacy and fungibility has been increasing as it was recently listed on Indonesia-based Tokenomy exchange that stated, “Monero brings unique value to those seeking anonymity completely.”
Meanwhile, Monero developers are working on making the network ASIC resistant. They have already upgraded on numerous occasions. Boron Butterfly has been their last fork that affected the hash rate of the network that took a serious drop.
Riccardo Spagni aka FluffyPony, a member of Monero’s core development team recently said that Monero would find its use-case globally in a “very large way.” Spagni is also the co-founder of Tari who recently also spoke about a scenario where the United States declaring Monero illegal to be “very interesting” but one that probably won't happen.
Not long ago he also commented about the security aspect,
“Monero can’t possibly be a security because a security requires a central issuer to have issued at some of the tokens or whatever upfront and sell them to people.”
Who Else Is In The Top?
Monero is followed by Zcash that holds a weight of 17.8 percent. With a market cap of $441 million, ZEC is the 22-largest cryptocurrency. Currently, in the red at $70, ZEC is up by 26 percent so far in 2019.
MaidSafeCoin, Zcoin, Pivx all have just above 2 percent weight each while Horizen and Enigma account for 1 percent share.
Particl, TokenPay, Skycoin, Grin, NAV Coin, Digital Note, and Beam each of them account for less than 1 percent weight among the privacy coins.