Monero, Zcash, Dash Outperform Bitcoin Year-to-Date
As privacy becomes a new battlefield in the fight against the coronavirus, and new centralized digital fiat initiatives are starting to appear, how have the most popular privacy coins performed after the March 12-13 market crash?
Among the privacy coins that have seen optimistic trading in recent days are monero (XMR), dash (DASH), and zcash (ZEC), which have all outperformed bitcoin (BTC) since the start of the year. For some of them, such as dash, the outperformance is significant, with a rise of more than 60% since the beginning of January. Bitcoin, meanwhile, is still down year-to-date, following the major price crash in March.
After the recent sharp gains, dash, known for its privacy feature PrivateSend, has now almost recouped the losses from the March 12 crash, which bitcoin is still working to recover. In terms of technical analysis, the coin is now close to reaching the important 200-day moving average line, which does represent some resistance to the upside in the near-term.
In addition, the coin has also received a boost due to demand from Venezuela, where reports claim that it is being used for everyday purchases. An example of this is a move by Burger King Venezuela that has enabled hamburger purchases using dash in the country, as reported earlier this year.
Moving over to monero and zcash, the charts of both coins show that these still have a way to go to catch up with the positive sentiment surrounding dash. Both coins are currently in the process of breaking through resistance levels in the chart.
Zcash is looking somewhat stronger than monero, having already broken above the lows from the end of 2019, and is now attempting to break above resistance at around USD 32.
As of press time on Wednesday (12:13 PM UTC), dash was down 3% over the past 24 hours, trading at USD 67, monero was up 1.5%, trading at USD 46, and zcash was down 3.6%, to a price of USD 31. BTC trades at c. USD 6,571 and is down 2%.