The last few weeks have been hell for many crypto investors. Following the crash of BTC, ETH, and LUNA especially, millions of dollars have been wiped from the cryptocurrency market. Despite this decline, Monero, ZCash, and DASH have recorded some significant gains in the past week.
Privacy Coins Soar amidst Bitcoin Crash
Monero had a low of $131 on Sunday following the market dump. Since then, the privacy token has bounced back and trades at $162. Earlier today, Monero reached a high of $168 but failed to reach the $170 mark. Although the token is still well below its peak, investors who purchased it during the dip would have made tangible profits. Coin trackers reveal that the token has seen a 17% increase in the past week.
ZCash, another privacy coin, has experienced a 33% surge since last week, with the anonymity token currently valued at $100. This massive price appreciation in just one week is ten times more than that of Bitcoin. The flagship crypto-asset has recorded just a 3% increase in the last seven days.
Dash token is another privacy coin that has recorded tangible gains. It has seen a weekly increase of 9% with a $600 million market cap value. The trading volume of the privacy and payment coin has increased by 4% in the last 24 hours. Dash was launched 8 years ago as a fork of the Litecoin network. The project was initially called Xcoin before rebranding to DASH, an abbreviation for “digital cash.”
Interestingly, privacy coins are not the only coins that have surged in the past week. A few tokens with other utilities have also risen significantly. The Kyber network crystal has increased by 66% in one week, rising in tandem with the rest of privacy coins that have impressively maintained an upward trend.