Zcash And Privacy Coins Sleeping Giants?

Last week (February 20, 2024), Binance abandoned principles for profits and delisted the biggest privacy crypto by market cap – and, from a principled viewpoint, one of the most important cryptocurrencies that exist: Monero ($XMR). 🤬

Fun fact: The US Government and IRS hate Monero and privacy coins so much that in 2020, they issued two $625,000 bounties to anyone who could crack it. You can read that story here. 

Privacy coins everywhere took a hit when Binance delisted Monero. According to our proprietary crypto index tracking, the Privacy Coin Index moved in the total opposite direction as the rest of the market:

Relative Rotation Graph – Click to enlarge.

But you might have noticed some privacy coins have had a little pump going on, specifically, Zcash ($ZEC). Why? Because Grayscale filed for a privacy ETF. And 10% of the allocations go into Grayscale’s Zcash Trust. 🤯

Zcash

ZECUSD Daily Chart – Click to enlarge.

 

If there’s one crypto that can’t seem to catch a break, it’s Zcash. Shitcoin doesn’t begin to describe it. And compared to other altcoins, Zcash is old. If it were a dinosaur, it would be called Dookie-seratops or Shits-a-saurus Rex. Or something with poop. Poop-a-saurus. I made myself giggle.

How bad is Zcash? Well, on the weekly chart, it just made a new all-time lowest close on the weekly and daily charts in the first week of February, and the last time it made a new all-time high was over five years ago on January 6, 2018. 

So if you’re looking for something that’s the very definition of high-risk, high reward, this might be one – or it’s best not to put your hand in the stank and expect to find gold. 💩

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