Quick summary:
- DASH, Monero (XMR) and ZCash (ZEC) seem to be following a similar trajectory in the crypto markets.
- Their uncanny correlation could be tied to all three having privacy features.
- Online privacy continues to be a hot topic of concern globally.
Crypto traders and enthusiasts have noticed that the digital assets of Dash (DASH), Monero (XMR) and ZCash (ZEC) seem to be following a synchronized path in the crypto markets. This observation was first made by Su Zhu of Deribit Insights early this month via the following Tweet.
weird that zcash, monero, dash are all around eighty dollars
— Su Zhu (@zhusu) August 2, 2020
What the Charts Say about DASH, ZEC and Monero (XMR)
A quick overlay of the three digital assets denominated in Tether (USDT), provides the following chart. This chart further illustrates the similarity in price movements between Dash (DASH), ZCash (ZEC) and Monero (XMR). At the time of writing, the digital assets are currently valued at $91, $95 and $90 respectively further proving that the fates of these assets might be linked.
Privacy Could Be One Reason DASH, ZCash and Monera are Following a Similar Path
The synchronized price movements between Dash, Monero and ZCash could be due to two reasons.
Firstly, the crypto-wide bullishness led by Bitcoin and Ethereum has led to other altcoins also gaining significantly in the markets. The bullishness exhibited by Bitcoin and Ethereum has also resulted in DASH, ZCash (ZEC) and Monero (XMR) gaining additional exposure and value.
Secondly, and specifically this year, global citizens have continually been worried about their privacy being breached by governments as well as unscrupulous individuals. This could be another force driving the popularity of Dash (DASH), ZCash (ZEC) and Monero (XMR) as internet users strive to safeguard their online transactions.
In the first instance, global governments have resorted to surveillance as a tool for COVID19 contact tracing. This has caused a lot of uneasiness regarding online freedoms and privacy protection.
Furthermore, the current issue in the US regarding Tik Tok, has pointed to China possibly spying on their citizens using popular social media apps.
With respect to security breaches by hackers, the recent Twiter hack has reminded many that their online presence can be interrupted at any time. Therefore, individual precautions using privacy coins such as DASH, ZMR and ZEC, is one way to remain secure while on the web.
Conclusion
In summary, the digital assets of DASH, ZCash and Monero seem to be following an uncanny trajectory in the crypto markets. Their synchronized rise could be attributed to all three having privacy features that many savvy internet users would like to capitalize on.