Monero Surges to the Top and Leaves ZCash and Dash Behind

• Monero, Zcash, and Dash record an incredible surge as the crypto market attempts to bounce back.

• Binance has decided to delist the “so-called” privacy coins following the recent enforcement actions by authorities. 

Monero appears very bullish in the market after surging by 12 percent in the last seven days and 3.4 percent in the last 24 hours to trade at $152.21. This sends its total market cap to $2,787,510,414 as it regains some of its lost value to sit at 72 percent below its all-time high of $542.33.

Monero started the year well with $186 by the end of January. Per data, the asset recorded a pullback a couple of months later to trade at $142. The asset has since then recorded a marginal movement as it is reported that investors are giving up on the token.

One particular factor that affected the price is the introduced regulation in Dubai which prohibited the use of anonymity-enhancing cryptocurrencies like Monero. 

Its current 24-hour trading volume of $73,356,424 is said to have fallen by 22.0 percent. However, its circulating supply of around 18,295,812 has recorded a 0.04 percent gain. This brings Monero to the 24th position in market cap rank. With the current price, the asset is 0.59 percent off its five days high and 14.69 percent above its five-day low of $132.56. As of the time of writing, its support level was fixed at around $139.71 with the resistance level set at $160.92. 

Zcash also has a bullish sentiment with a 14 percent price surge in the last seven days to trade at $41.40. However, the asset is still struggling against its all-time high price of $3,191.93 unlike Monero. According to data, Zcash is 99 percent down from this level. Another privacy coin, Dash, has surged by 14 percent with a bullish market sentiment to trade at $33.86. However, it is 97 percent down from its all-time high price of $1,493.59. 

Monero Has a Huge Potential but Could be Delisted by Binance 

Manfred Karrer, Developer and Founder of Bitsquare previously predicted that the importance of Zcash could be elevated.

I expect three things. One, regulations on cryptocurrency exchanges will come. Two, the war on cash, gold, and cryptocurrencies will accelerate. And three, privacy-protecting technologies like Monero and Zcash will elevate in importance.

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Zcash leverages zero-knowledge technology to enable opt-in transaction privacy, and just like Monero, it protects the original anonymity of cryptos. 

Recently, Binance announced that it would delist privacy coins like Zcash, Monero, and Dash. Monero users responded by threatening to keep their tokens off the exchange. According to them, on-chain transactions undermine user privacy as they usually require personal identification data.

Per their observation, listing privacy coins improves new user adoption, increases liquidity, and leads to price momentum. Binance’s decision is said to be an overreaction as it seems to be internally inconsistent. Secret’s SCRT governance token was delisted despite not being private. It is reported that it could be traded for a private coin. 

Binance’s decision is also suspected to be related to its recent regulatory problem with the Commodity Futures Trading Commission for failing to enforce Anti-Money Laundering measures. 

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