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Despite the Global Economy decline, how are these privacy coins booming?

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Prominent Privacy crypto assets Monero (XMR) and Zcash (ZEC) have seen significant growth last week, apparently surprising amidst crisis

Since the Russia-Ukraine war emerged, the west and many European countries have put harsh punitive sanctions on Russia. In the globalized economy of present times, it’s hard for economies to eliminate the effects and after-effects of such actions. War already causes skepticism for economies and finances. On top of that, such sanctions may put pressure on the country in the short term, but long-term effects can be global. 

Economic and financial conditions worldwide have seen the effects of war since it started. Still, the tightened economic crypto market has seen comparatively fewer bumps amidst such disturbing situations. Instead of taking a dip, cryptocurrencies have performed normally and sometimes even well for some time. 

Despite the threat of global economic decline, such cryptos are privacy-centric cryptocurrencies Monero (XLM) and Zcash (ZEC). The two top privacy crypto assets have seen notable growth in their value over the past week. 

After the war, sanctions got more strict and tightened the financial world by restricting massive trade, but privacy coins benefited from the situation. On 8th March, both the top private cryptocurrencies jumped up to 20% in value. Individually XMR jumped about 20%, while ZEC saw a surge of 26%, while other similar privacy centric crypto assets such as SCRT and ZEN jumped even higher. 

ALSO READ – Elon Musk Says He Won’t Sell His Crypto: DOGE Witnesses A Spike by Over 9% 

The total market capitalization of privacy coins is currently more than $10.5 billion, which has seen a growth of 1.4% in the last 24 hours yesterday. After five days of surge on 8th March, the previous week’s statistics show that XMR and ZEC still hold weekly gains in double digits. As per current weekly metrics, Monero (XMR) is up by almost more than 17%, while Zcash (ZEC) gained nearly 44% in the last seven days. 

As top private cryptocurrencies, XMR and ZEC dominate the privacy coins space regarding market valuations. Monero consists of $3.2 billion in market cap, whereas Zcash reached $2.12 billion after a recent spike. However, they still account for very little in the entire market capitalization of crypto, which is almost $1.8 trillion, where XMR counts represent 0.18% of it and ZEC 0.10%. 

Nancy J. Allen

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