Monero Leads Privacy Coin Rally As Bitcoin Trips On $12K Way

Monero leads privacy coin rally as Bitcoin tripped on the $12,000 path and gained a little for four days in a row. The $12,000 price threshold failed to hold in August when it rallied past that but let’s see the Monero price analysis in our Monero news crypto.

The crypto-analysis firm Arcane Research wrote in a report:

 “The market has started to move again.”

In the traditional markets, the US stock futures pointed in a higher opening as the investors started betting on US lawmakers and if they can reach an agreement for a new stimulus bill. The privacy coins like Monero and Zcash are in vogue right now despite the efforts by regulators to try and crack them down.
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These digital tokens that have privacy features and allow users to hide their identities and hide the amounts transferred, surged in value this year. Monero leads privacy coin rally since its value more than doubled in 2020 and Zcash followed.

According to the data company Messari, a group of 21 digital assets with anonymity features, gained 142% compared to Bitcoin’s 60% gain. The bullish market sentiment came as the US Internal Revenue Service hired the blockchain analytics firm Chainalysis and Integra FEC to develop a transaction tracing tool for MXR and Zcash. The DOJ also published a report on its enforcement framework for digital assets outlining the use of anonymity enhancing cryptocurrencies as a risk to AML programs and efforts to fight terrorism financing.

Some analysts say that the jump in prices for the privacy tokens could be coincidental but the function of speculation for the traders key-off the price charts patterns or algorithms. It could be that traders think privacy tokens will occupy the key spot in fast-developing international digital assets markets and payments systems because a lot of users don’t want to transact business under the gown of monitoring by government agencies. Monero network maintainer Riccardo Fluffypony said:

 “Cryptographers and researchers are always going to be one step ahead on privacy.”

In other words, the regulatory inquiries will turn out to be quite positive for Monero, as the CEO of CipherTrace David Jevans said:

 “It gets visibility in the market. People should be able to pay for day-to-day expenses without having to fear hitting regulators’ radar and provide identity proofs.”