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Privacy coins gain traction: Zephyr Protocol’s market cap rises, Monero recovers swiftly, and Algotech attracts presale interest.
For a major segment of the crypto world, the biggest application of cryptocurrencies is privacy. Unlike fiat currencies, you can use cryptocurrencies for purchases without being tracked.
However, not all crypto projects offer the same protection against tracking. If you want confidentiality, check out our list of the best privacy coins in 2024.
Zephyr Protocol continues development
Inspired by the Djed protocol, Zephyr Protocol is a cryptocurrency supported by an over-collateralized decentralized stablecoin protocol that inherits all assets’ strong privacy features. It maintains the top spot because of its triple asset concept, which adds security and stability.
This past week, ZEPH saw a 35.3% increase in market capitalization, as shown by CoinMarketCap, indicating that investors continue to have strong faith in the cryptocurrency.
Zephyr Protocol is characterized by a system design that is cryptographically sound and enables users to send and receive money without revealing transactions on the blockchain.
The project intends to integrate Monero’s privacy capabilities to take this tried-and-true approach even higher. According to its statement, this hybrid strategy is a ground-breaking move toward creating a stablecoin market that integrates privacy and stability into a single decentralized platform.
Monero reversed course in less than a day
Monero (XMR), a prominent player in the cryptocurrency industry, was founded in 2014 to preserve anonymity and privacy during transactions.
Since blockchains provide a trail of transactions, it is frequently simple to track payments back to their source. However, XMR was created to use cryptography to mask both senders and recipients.
Analysts concur that one of the leading causes of Monero’s price volatility — which saw a precipitous drop of almost 22% in February — was the cryptocurrency’s delisting from Binance. But the price was maintained steady by its XMR bulls, enabling a swift recovery in less than a day.
Algotech is seeing a lot of interest from presale phase investors
Algotech (ALGT) is a decentralized algorithmic trading platform that combines AI and blockchain technology. This innovative defi coin is anticipated to cause a stir in the industry.
The project had a successful private seed round when it raised $1.1 million within two days. Algotech is also working on launching cutting-edge trading features, including breakout detection, mean reversion, and high-volume hedging.
Since ALGT adheres to deflationary tokenomics, there is a deflationary supply and a significant increase in the token’s price is anticipated when the supply crunch hits. The project is currently available for a presale price of $0.04, but this value is expected to grow once the project is listed on major exchanges.
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