Monero has jumped to a new multi-year high with broader market sentiment and Tornado Cash victory fueling optimism.
Monero XMR $198.1 24h volatility: 0.3% Market cap: $3.66 B Vol. 24h: $179.14 M , a pioneer in privacy-focused cryptocurrency, has recently demonstrated remarkable price resilience. The digital token recently soared to its highest value in over two years. Earlier today, it hit an impressive $211.07 before retreating slightly to $205.05 at the time of writing.
Despite the dip, Monero boasts a notable 17.8% rise in the past 24 hours and a 30.6% surge over the past week, according to CoinGecko data. This dramatic uptick underscores a broader rally in privacy coins, a sector that has gained over 12% in just one day.
Monero is not the only privacy coin making waves this week. Certain coins have spearheaded the sector’s explosive growth. Haven Protocol [NC] has surged by an astonishing 344% to $0.0008443; Verge XVG $0.0175 24h volatility: 0.3% Market cap: $290.23 M Vol. 24h: $200.19 M has leaped by 18% to $0.01852, while Zcash and Decred have gained 27.5% and 30%, respectively.
To ensure privacy, these coins use advanced cryptographic techniques like ring signatures, single-use addresses, and zk-SNARKs. These methods work together to obscure transaction details, preventing outsiders from accessing users’ financial information.
As a result, privacy coins offer a higher confidentiality level than many traditional cryptocurrencies. Privacy coin supporters view these coins as digital cash that provides the same fungibility as physical money.
They argued that privacy coins are essential in a world where financial transactions are under constant surveillance. However, this lack of transparency has attracted significant attention from regulators. Critics claim that privacy coins can be used for illegal activities.
Undoubtedly, Monero and its peers’ journey has been challenging. The token’s privacy features sparked widespread interest but have also drawn regulatory attention. Governments and law enforcement agencies have tried to break its cryptographic protections, but none have succeeded.
As a result of regulatory scrutiny, Monero was delisted from major exchanges like Binance and Kraken in October. At the time, the digital asset’s market value plummeted seriously.
In 2020, Coinbase CEO Brian Armstrong acknowledged that these regulatory concerns kept the platform from listing Monero. This continued scrutiny has negatively impacted the availability of private coins on major exchanges.
The privacy coin sector’s resurgence coincides with a landmark legal victory for crypto privacy advocates. In a recent decision, the U.S. Fifth Circuit Court overturned sanctions imposed on Tornado Cash, a controversial coin-mixing protocol.
The court ruled that immutable smart contracts, like those used by Tornado Cash, cannot be considered property. This is because they cannot be owned.
Although Tornado Cash differs from privacy coins like Monero, the ruling has sparked renewed interest in privacy-focused blockchain tools. The TORN $15.89 24h volatility: 12.6% Market cap: $60.53 M Vol. 24h: $14.02 M token, tied to Tornado Cash, has surged from $3.60 last month to around $18, with peaks exceeding $33.
Monero’s recent gains highlight the continued demand for financial privacy in a world of growing transparency. The rise of Monero and similar coins signals that privacy is a key element of the cryptocurrency world. Whether this is a temporary spike or the start of a larger trend, it shows that privacy remains fiercely debated.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
