Privacy Coin Rally Continues as DASH Surges 150%
Zcash's strong rally has driven growth in the privacy cryptocurrency sector, with DASH following suit by surging 156% in the past week. Launched in 2014, DASH now has a $1.4 billion market capitalization and features an optional privacy feature called PrivateSend. Zcash has risen over 300% in the past month, reaching $470, while DASH, which was $19 this summer, has increased fivefold in six months to $120, marking its highest price since 2022. Despite these gains, DASH remains far below its all-time high of $1,500 set in December 2017. The surge in privacy tokens may be linked to growing interest in privacy and anonymity amidst the increasing institutional presence in Bitcoin and DeFi.
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Altcoin Market and Privacy Token Rally
Despite the altcoin market's struggles, Zcash's rally is propelling the privacy token sector to new heights. DASH, another key privacy-focused cryptocurrency, has seen a remarkable 156% surge over the last week, following Zcash’s lead.
DASH Overview and Market Standing
Launched in 2014, DASH is one of the largest privacy-centric cryptocurrencies, boasting a market capitalization of $1.4 billion. The token includes an optional privacy feature called PrivateSend.
Over the last month, it has been steadily trailing behind sector leader Zcash, which has surged more than 300% to reach $470, its highest value since 2018.
DASH's Recent Growth and Market Position
DASH, which traded as low as $19 this past summer, has increased more than 5x in value over the last six months. It is now trading at $120, marking its highest price since 2022.
However, DASH still has a long way to go to approach its previous all-time high of $1,500, set in December 2017 during the peak of the ICO bubble.
Uncertainty Around Privacy Token Surge
While the exact trigger behind Zcash's growth and the broader privacy token rally is unknown, some industry experts suggest it may be linked to a renewed emphasis on privacy and anonymity. This comes at a time when Bitcoin and DeFi are becoming increasingly institutionalized.