Zcash (ZEC) and MOnero (XMR) are among the top performing cryptocurrencies today. According to CoinGecko data, ZEC has rallied by 17.3% in the last 24 hours, 56.4% in the last week, more than 72% over the previous month. XMR, on the other hand, has risen by 6.5% in the last 24 hours, 5.1% in the last week, but is down 2.8% over the previous month. Let’s discuss why privacy cryptocurrencies like Zcash (ZEC) and Monero (XMR) are rallying today.
Privacy Cryptocurrencies Surge: Why Are Zcash (ZEC) And Monero (XMR) Rising?
Zcash (ZEC) and Monero’s (XMR) latest price upswing comes amid a larger market-wide rebound. The crypto market has been experiencing positive price momentum after the US and Iran announced a ceasefire. Bitcoin (BTC) is making its second attempt this week at breaking past the $73,000 price level.
However, Zcash (ZEC) and Monero’s (XMR) rally could be due to a rise in the demand for privacy cryptocurrencies. Further still, Zcash (ZEC) faced substantial struggles earlier this year after the Electric Coin Company (ECC), a core developmental team at ZEC, quit en mass. The project was facing internal conflicts which resulted in the core team leaving. ZEC’s price crashed and investors moved their funds to other assets. The privacy cryptocurrency has since made a rebound, regaining investor trust and confidence. ZEC’s price crash may have led to other investors to buy the dip, which may have led to a price rebound.
Also Read: Zcash Crashes 17% After Core Teams Quits Amid Internal Clash
Nonetheless, it is unclear if the privacy cryptocurrency duo of Zcash (ZEC) and Monero (XMR) will be able to sustain their price rally. The market kind of hinges on what Bitcoin (BTC) does. Given that BTC has faced a rejection at around current price levels on multiple occasions, it is possible that we will see the crypto market face yet another barrier. However, in the slim chance that Bitcoin (BTC) breaks past the $74,000-$75,000 price level, we may see a larger cryptocurrency market breakout.
