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The last 12 months have been tough for digital currency investors as the crypto winter has caused much of the value to leave the once booming economy. The private coin economy, for example, has lost more than 55% against the US dollar, falling from $11.7 billion in January 2022 to $5.22 billion today.
Privacy Economy Loses 55% Against Greenback, European Union Plans To Ban Anonymous Cryptos
We no longer talk about privacy coins as before. These days, the hype and discussions surrounding decentralized finance (defi) and non-fungible tokens (NFT) have overshadowed conversations about private coins.
Additionally, over the past 12 months, the private coin economy has grown from $11.7 billion to $5.22 billion today. Last January, the two major privacy tokens included monero (XMR) and zcash (ZEC).
At the time, monero was the largest privacy coin by market capitalization and still is today. In January 2022, the price of XMR was around $202.97 per unit and its market valuation was around $3.66 billion on January 19, 2022.
Today, XMR is trading hands for around $142.35 per coin and its overall market cap is around $2.58 billion. Zcash holds the second largest valuation in the privacy coin market this year and in January it was around $1.53 billion.
At the end of December 2022, ZEC’s market capitalization fell to $517 million. The top five privacy coins of January 2022 by market capitalization included monero (XMR), zcash (ZEC), secret (SCRT), decred (DCR), and horizen (ZEN).
Statistics from December 2022 show that the top five privacy coins include monero (XMR), zcash (ZEC), dash (DASH), decred (DCR) and beldex (BDX). The market capitalization of XMR and ZEC equals approximately $3.1 billion, or 59.4% of the entire privacy coin economy.
In January 2022, XMR and ZEC were valued at $5.19 billion and only accounted for 44.36% of the entire privacy coin economy. Today, the top two privacy coins by market capitalization dominate much more.
Last month, it was reported that leaked EU plans could ban privacy coins such as XMR, ZEC, and DASH. “The European Union could ban banks and crypto providers from trading in privacy-enhancing coins such as zcash, monero and dash as part of a money laundering bill obtained by Coindesk,” noted publication on November 15, 2022.
Government policy decisions and proposed guidelines have caused a number of crypto exchanges around the world to stop listing privacy coins such as XMR and ZEC. The lack of listings gives private coins much less liquidity, making them more susceptible to price fluctuations.
Tags in this story Altcoins, bulletproofs, CoinJoin, Dandelion, dash, Decred, decred (DCR), horizen, Mixing Coins, Monero, Nucypher, Privacy, Privacy Assets, Privacy Coin DASH, privacy coins, privacy crypto, Privacy techniques, Privacy Tokens, ring confidential transactions, ring signatures, secrecy, secrecy (SCRT), stealth addresses, xmr, Zcash, ZEC, zen
What do you think of privacy coins this year and how they have performed in the market over the past 12 months? Let us know what you think about this topic in the comments section below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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