Amid strained crypto year, Monero (XMR) is leading charge among top privacy coins
Monero (XMR) is currently trading at a price of $146.39, recording a 1.39% uptick over the past 24 hours. While it is notably being battered by the crypto winter as much as other cryptocurrencies, the tapering Fear, Uncertainty and Doubt (FUD) surrounding the coin as a privacy coin has helped its recovery in recent times.
Its recovery becomes even more pronounced when its growth is placed side by side with other privacy tokens, including but not limited to Dash (DASH) and Zcash (ZEC). According to data from CoinGecko, at current prices, Monero has lost just about 30% of its price value over the past year.
In contrast, Dash is down by 68.2% year-over-year and is currently changing hands at $43.38, while Zcash comes off as the most battered privacy coin in the pack with a slump of 74.7% over the same time span to $38.06.
Monero as a flagship privacy coin has not only maintained its relevance in price, but it is by far the most transacted of all the privacy coins under review. With an active contributor community, the Monero project is being fronted as one with the potential to revolutionize the decentralized payment ecosystem.
Monero and regulation
The entire fundamentals surrounding cryptocurrencies are hinged on pseudo-anonymity that makes parts of transactions obscure to the public. In the case of Monero, the transactions are completely anonymous, pitching it against regulators who believe it is a secure conduit for the movement of illicit funds.
Regulatory actions to ban privacy coins once caused a lot of fright in the industry; however, the high-profile implosions of companies in the crypto ecosystem this year have derailed the push in this regard. At the moment, Monero and other privacy coins still maintain a robust price action from time to time, and with growing accessibility, the coin is bound to increase its relevance over time.