"Over the past six weeks, the crypto market has shed more than $1 trillion as traders rotate out of speculative assets. Total market capitalization has fallen from peaks above $4.3 trillion in early October to just over $3.1 trillion, a drawdown of about 25%-28%. Bitcoin is down close to 30% from its early October all-time high above $126,000 and is now trading in the low $90,000s. Against that backdrop, one of the strongest pockets of performance is also the most volatile category: privacy tokens. Zcash ( ZEC) has rallied several hundred percent since late summer, with its market capitalization rising from under $1 billion in August to a peak above $7 billion in early November. It briefly overtook Monero ( XMR) as the largest privacy coin by value."
"Privacy tokens, such as Zcash, have posted gains, while the overall crypto market cap and Bitcoin have dropped sharply. The rally is happening against a tightening policy backdrop with FATF pressure, new EU AML rules and a growing list of privacy coin delistings. Sanctions cases and prosecutions involving mixers and wallets have raised questions about the line between infrastructure and money transmission, pushing compliance teams toward cautious de-risking. Analysts are split between seeing the move as a protest trade against surveillance and a fragile late-cycle spike in a shrinking high-risk corner of the market."
Total crypto market capitalization declined from above $4.3 trillion in early October to just over $3.1 trillion, a drawdown of about 25–28 percent, wiping more than $1 trillion in six weeks. Bitcoin fell roughly 30 percent from its early October high above $126,000 to the low $90,000s. Privacy tokens outperformed, led by Zcash, whose market cap rose from under $1 billion in August to above $7 billion in early November and briefly surpassed Monero. Zcash also climbed Coinbase internal search rankings, indicating strong retail interest. The rally coincides with FATF pressure, new EU AML rules, exchange delistings, sanctions actions, and compliance-driven de-risking, leaving analysts divided on durability.
Read at Cointelegraph
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