Privacy coins like Dash and Monero are in vogue right now, surging to new all-time price highs this week as new users grow excited about their unique functionalities — functionalities that Bitcoin and Ethereum don’t have, at least for now.
Today, November 23rd, DASH occupies the fifth position by market capitalization in the crypto space, currently settling at a new all-time high of $575 USD.
And Monero — the seventh crypto by market cap — smashed through its previous all-time high of $152 today, too, as XMR is now hovering around $165 in price at press time.
These prices don’t surprise long-time proponents of these privacy coins, but they do bode well for continued adoption of the cryptocoins in question.
Surely, in Monero and Dash, many users are attracted their cash-like fungibility, which is — as Litecoin creator Charlie Lee recently noted — the “only feature of good money that Bitcoin/Litecoin is missing.”
This level of privacy is attractive for many reasons, obviously.
But it’s also unquestionably become a rallying cause for some of the more anarchic elements of the crypto space who have been getting antsy about the public nature of the Bitcoin ledger.
For instance, with the United States’ Internal Revenue Service (IRS) recently hiring the services of blockchain detective firm Chainanalysis, the signal is clear: Uncle Sam wants his due and is willing to go to great lengths to get it.
That crackdown dynamic is why a recent Europol report indicated cybercriminals are beginning to shift from Bitcoin to Monero in droves.
Not that these coins are designed to be criminal. Rather, they’re designed to be cash-like, and thus they provide benefits that more accountable cryptocurrencies can’t provide.
And not that these privacy coins are only surging because of crime. Quite the opposite — they’re extremely attractive payment currencies. Consider Dash’s new 2MB block size upgrade and its instant transactions, for example.
While Bitcoin has potential privacy solutions on the horizon — like the Confidential Transactions (CT) update — many users are placing a premium on how Dash and Monero are doing private transactions now and doing them well.
Don’t be surprised, then, if XMR and DASH continue to steadily climb up crypto’s top ten assets by market cap — if users continue to migrate over, these privacy coins could become the dominant players in the space.
TLDR: With recent updates and price surges, privacy coins like Monero and Dash are looking better than ever. Can they gain enough ground to beat Bitcoin?