Virgo gains 51% as trading volume rises to $908 million

On December 11, privacy coins stole the spotlight as the market rallied, led by notable gains in key tokens.

Data collected from crypto price tracking websites revealed that Verge (XVG) surged 37.4% in 24 hours, with Zcash (ZEC) and Monero (XMR) also posting significant gains of 15.4% and 12.3%, respectively.

Resurgence of the privacy coin

The sector repeated the feat on December 12th, with figures from CoinGecko indicating that privacy coins are up 10.3% over the past day.

At the time of writing, their combined value was $7.53 billion, with NuCypher (NU) leading the pack of winners. Its price had risen 85.6% to $0.1805, and Virgo rose 51.8% to $0.01704. Additionally, XVG’s trading volume soared to $361 million, the highest among its peers.

As a whole, the category recorded a 24-hour trading volume of $908.6 million, an improvement of more than $262 million from the previous day, when it accumulated about $646 million.

Many of the higher-capped tokens posted more modest gains, with XMR gaining an additional 5.7% of its price, pushing its market cap to $3.6 billion. At $197.22, the coin also saw an increase in its one-day trading volume, reaching $147 million, indicating substantial volatility but strong investor appetite.

Meanwhile, ZEC rose 6.9% in 24 hours to trade at $64.33, while Dash (DASH) grew 5.5% in the same period and is currently changing hands at 49 .61 dollars.

Over the course of seven days, little-known Cloakcoin (CLOAK) posted the biggest returns, jumping more than 104%. However, most of the most popular privacy coins were in the red in this time frame, with Dash down 13.5%. ZEC also posted a loss of 11.4%, while Verge was down 6.7% from its previous price. Monero’s pullback for the week was much less significant at just 0.8%.

Monero, Zcash, Catching a bad rep

Privacy coins allow users to move funds confidentially using advanced cryptographic techniques and technologies, including ring signatures and stealth addresses.

However, their ability to obfuscate transactions has put them on the radar of law enforcement authorities in various jurisdictions. In July, Dubai’s financial regulators banned any transactions involving various cryptocurrencies, including XMR and ZEC. This was intended to prevent bad actors from taking advantage of them for money laundering and insider trading activities.

Similarly, in 2018, Japan’s financial watchdog warned against the use of privacy coins, prompting major exchanges such as Huobi and Bittrex to delist them. Earlier this year, the country’s crime prevention units arrested 18 suspected fraudsters after analyzing their XMR transactions. The group is alleged to have conducted more than 900 money laundering transactions worth $670,000 using Monero.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!