Privacy-Coin Market Cap Jumps $24.54 Billion in Five Months
The sector grew from $11.97 billion to $36.51 billion, led by Zcash and Monero. Zcash accounted for $20.27 billion of the increase.
The privacy-coin sector added $24.54 billion in market value over five months, reaching $36.51 billion as Zcash (ZEC) and Monero (XMR) drove most of the growth.
The sector’s market capitalization rose from $11.97 billion, an increase of about 205%. Zcash accounted for $20.27 billion of the gain, while Monero contributed $4.33 billion.
Zcash’s growth followed several developments this year. In January, the Securities and Exchange Commission ended its investigation into the Zcash Foundation without recommending enforcement action.
On Aug. 25, Grayscale converted its Zcash Trust into the ZCSH spot exchange-traded fund and listed it on NYSE Arca. The fund became the first U.S.-listed spot ETF focused on a privacy coin.
Digital Currency Group exchanged ZEC for about $100 million in ZCSH ETF shares on Sept. 8. Over the same five-month period, ZEC climbed from $319 to $1,507, while XMR rose from $330 to $555.
