Monero, Dash Reach New Record Highs With Privacy Coins Outshining Bitcoin Rally – Zcash Lags

• Dash’s price surged about 40% over the past 24 hours, climbing to a high near $77.88 and ranking among the top gainers across the broader crypto market.
• Zcash lagged the broader privacy coin rally, rising about 2.8% to trade near $417, well below its historical peak.
• Despite underperforming on the day, ZEC remains the strongest performer among major privacy coins over the past year.

Privacy crypto tokens extended their rally on Wednesday morning with Dash (DASH) and Monero (XMR) hitting new record highs. 

The privacy coin sector gained around 10% in the last 24 hours, with Dash’s price rising 40% to mark a high of $77.88, according to CoinGecko data. DASH was among the top 10 gainers across the entire crypto market and among the top-trending crypto tickers on Stocktwits.

Monero, the largest privacy coin by market capitalization, rose just 4.6% in the last 24 hours. However, XMR’s price clocked a record high of around $715 before paring gains to trade at around $702. 

Retail sentiment around both privacy coins trended in ‘extremely bullish’ territory over the past day. Chatter was consistently at ‘extremely high’ levels for Monero, while Dash saw message volume move to ‘extremely high’ from ‘high’ levels. 

Zcash Lags Privacy Coin Rally But Leads Annual Gains

Zcash (ZEC), the second-largest privacy coin after Monero, did not see as big a rally as its counterparts. ZEC’s price gained 2.8% in the last 24 hours to trade at around $417 – nearly 86% before its record high of nearly $3,200 seen nine years ago. Retail sentiment around Zcash was also subdued in comparison to Monero and Dash, trending in ‘bullish’ territory over the past day.

However, ZEC leads XMR and DASH in gains over the past year. ZEC’s price outperformed the sector last year and has gained nearly 760% over the past 12 months. In comparison, XMR has gained 250% in the last year, and DASH has moved 110% higher.

The Zcash-holding digital asset treasury (DAT), Cypherpunk Technologies (CYPH), edged 0.96% lower in pre-market trade amid broader weakness in the stock market. Retail sentiment on Stocktwits around CYPH's stock remained in 'bearish' territory over the past day.

Why Are Privacy Coins Rallying?

The overall cryptocurrency market rose by more than 3.2% over the last 24 hours, with market capitalization climbing back above $3.3 trillion. Bitcoin’s (BTC) price was also up 3.2%, trading just under $95,000 on Wednesday morning.

Privacy coins also came into focus with market watchers noting that the new draft of the market structure bill by the U.S. Senate Banking Committee may trigger financial surveillance. Galaxy reportedly warned that the draft is the biggest expansion of financial oversight authority sinc the U.S. Patriot Act.

The uptick also came after inflation data on Tuesday was in line with expectations, leading traders to lower concerns around an increase in interest rates as well as the uncertainty surrounding the Fed’s independence. Crypto ETF inflows have also been stronger, with capital coming into Spot Bitcoin ETFs after a volatile month of exits. 

Read also: Tom Lee-Backed BMNR Stakes Over A Quarter Of Its Ethereum Treasury Ahead Of Shareholder Vote

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