Traders pile on privacy protocols as Monero, Kyber Network, and Tornado Cash grow in popularity

Despite the conflict, increasing inflation, and historically high oil prices, stocks and cryptocurrencies saw a significant gain on March 9 as investors remained cautious about the future.

Traders pile on privacy protocols as Monero, Kyber Network, and Tornado Cash grow in popularity

In the opening hours of trading, the price of Bitcoin (BTC) increased by $42,600, and several altcoins followed suit with double-digit gains.


Monero (XMR), Kyber Network (KNC), and Tornado Cash (TORN) were the top gainers in the last 24 hours, according to data from Cointelegraph Markets Pro and TradingView, with Zcash (ZEC) gaining honorable mention.


Monero

Monero is one of the cryptocurrency market's oldest privacy-focused protocols, and the project is popular among investors seeking to conduct secret and anonymous transactions.


The price of XMR climbed 36 percent in 24 hours, from a low of $153 on March 7 to a daily high of $208.82 on March 9, according to data from Cointelegraph Markets Pro and TradingView. 186 percent of the total


Monero's price growth coincides with an increase in global regulatory worries and penalties, which may have driven crypto users toward privacy-focused protocols in order to avoid having their funds taken or frozen.


kyber red

Kyber Network's hot streak continued, with the multi-chain decentralized aggregation and exchange platform's price surging 37 percent from a low of $2.33 on March 7 to a daily high of $3.19 on March 8 as its 24-hour trade. The volume grew by 222 percent.


Prior to the latest price increase, Cointelegraph Markets Pro's VORTECSTM data began indicating a strong prognosis for KNC on Jan. 22.


The VORTECSTM score for KNC peaked at 77 on January 22, just 48 hours before the price began to soar 148.58 percent over the next six weeks, as shown in the chart above.


KNC's effort comes after the late-January release of Kyber 3.0 and the March 6 debut of the protocol on Arbitrum, which promises faster transaction times and cheaper costs.


 Tornado Cash

Tornado Cash is a noncustodial, decentralized system that allows users to conduct private cryptographic transactions by breaking the chain link between source and destination addresses.


Prior to the latest price increase, Cointelegraph Markets Pro's VORTECSTM data began indicating a strong prognosis for TORN on March 8.


The VORTECSTM score for TORN began to grow on March 7 and peaked at 87 on March 8, roughly an hour before the price rose 32.7 percent the next day, as shown in the chart above.


The TORN price increase coincides with the debut of the protocol's new decentralized relay network, which aids in the preservation of privacy during the platform's withdrawal process. Those who want to be a member of the repeater network must stake at least 300 TORN.


The overall market capitalization of cryptocurrencies is currently $1.732 trillion, with Bitcoin commanding 42.4 percent of the market.


The author's thoughts and opinions are purely his or her own, and do not necessarily reflect those of Cointelegraph.com. Every investing and trading decision entails risk, so do your homework before making a decision.

Post a Comment

0 Comments