- Privacy coins statistics
- Privacy coins are being banned
- A bitcoin mixer is an alternative method of protecting user privacy
Over the past three months, privacy coins have grown by over 2 billion US dollars. Their market cap has increased from 4.65 billion on November 9, 2022 to 6.69 billion in February 2023. Their growth, however, is slightly lower than that of the most popular cryptocurrencies. While bitcoin and ethereum have grown by 30% and more in 30 days, monero and zcash have increased in the range between 8.7% and 10.6% over the last month.
Privacy coins statistics
Over the past month, the most successful privacy coins saw a more modest growth compared to the two leading cryptocurrencies, bitcoin and ethereum. However, the second largest privacy coin by market cap — dash (DASH) — grew rapidly by 38.7% against the US dollar last month. At the same time, monero (XMR) increased by 8.7%, and zcash (ZEC) by 10.6% over the same period. These are the leading privacy coins right now.
According to the statistics for the last three months, although monero (XMR) and zcash (ZEC) demonstrated a modest increase, the market cap of privacy coins grew by 2 billion US dollars. Three months ago, XMR was trading at $129 per coin and as of February 8, it was trading at $168. Dash (DASH), which was trading at $36.60, has increased to $65.83 over the same period, while Zcash has grown from $38.37 to $46.90. These are the three leading privacy coins, making up most of the total market cap. Moreover, some lesser-popular coins have demonstrated even larger weekly gains:
- daps coin (DAPS) — by 884.5%;
- phore (PHR) — by 110.3%;
- raze network (RAZE) на 74,3%;
- axe (AXE) — by 32.9%;
- cloakcoin (CLOAK) — by 31.8%.
Some privacy coins have seen a decrease, including the following:
- Privacy coin (PRCY) — by 32.3%;
- iridium (IRD) — by 17.3%;
- deeponion (ONION) — by 16.7%.
Privacy coins are being banned
Last year, centralized exchanges started to delist privacy coins in order to please the regulatory authorities — a trend that persists today. In September 2022, Huobi stated that it would delist seven trading pairs with privacy coins. In January 2023, Binance announced the delisting of Beam, another privacy coin. Several months earlier, the largest crypto exchange also stopped using Tornado Cash.
This trend is now observed on the level of governments. Dubai has banned the issue of anonymity-enhancing crypto under new regulations.
The United Arab Emirates (UAE) published its long-awaited crypto regulations, which introduce licensing and authorization requirements for virtual asset companies and issuers willing to work in Dubai.
According to the new regulations, anonymity-enhancing crypto is defined as “a type of Virtual Asset which prevents the tracing of transactions or record of ownership through distributed public ledgers and for which the [Virtual Asset Service Provider] has no mitigating technologies or mechanisms to allow traceability or identification of ownership.”
Regulators in other countries such as Japan have also implemented measures to ban privacy-enhancing cryptocurrencies. The European Union is also considering banning tokens that prevent traceability.
A bitcoin mixer is an alternative method of protecting user privacy
Anonymity is one of the primary advantages of crypto that was embodied into its design by the creator Satoshi Nakamoto. Most users prefer to stay anonymous not for some criminal purposes but for privacy protection. However, economic regulation involves full transparency of all transactions for government and financial authorities.
Such supervision results in incidents where customer accounts are frozen, and completely innocent people undergo intensive police supervision. As soon as you have received a coin that might have earlier belonged to a suspicious wallet, the exchange can disable your account. Getting your assets back will take a lot of time and effort, and the results are not guaranteed.
To avoid such situations, you can use a bitcoin mixer. These services are valid and legal. However, many mixers simply mix their clients’ assets without offering any real protection.
We offer a ‘Complete anonymity’ mode that protects coins from analysis methods based on various algorithms. Our customers receive untainted coins from exchanges which are basically a giant mixer of their own.
