- CoinGecko identified that privateness cash have misplaced 44.3% of market share to privateness blockchains.
- The highest two privateness blockchains are Mina Protocol and Oasis Community.
- The decline within the dominance of privateness cash is related to delisting.
Based on a report by CoinGecko, privacy-focused cash are witnessing a major decline in market share after dealing with stiff competitors from privateness blockchains.
Based on CoinGecko, privateness cash have misplaced 44.3% of their market share to privateness blockchains since 2021. The highest two privateness blockchains embody Mina Protocol with 23.2% market share and Oasis Community with 13.6% market share.
CoinGecko identified that as of January 2021, Privateness Coin held a 96.6% share of the cryptocurrency privateness market, with a market capitalization of $4.62 billion. Nevertheless, as of February 2024, he held 52.3% within the privateness sector.
In distinction, privacy-focused blockchains are reported to have seen a 14x soar in market share, from 3.4% ($160 million) to 47.7% ($2.81 billion). In the meantime, the market share of privateness cash Monero (XMR) and Zcash (ZEC) decreased from 54.8% to 40.9% and from 19.1% to five.8%, respectively.
Moreover, CoinGecko claimed that because the preliminary rise in recognition of privateness cash, many exchanges have seen delistings. The report stated the delisting was “pushed by regulatory safeguards in opposition to unlawful or tortious exercise.”
For extra data, CoinGecko reviews that some privateness cash had been delisted from Upbit in 2019, Bittrex and Coincheck in 2021, HTX in 2022, and OKX and Binance's European operations in 2023. Identified. Curiously, XMR additionally witnessed a 5.3% month-on-month market share decline in February 2024 after Binance introduced its delisting from a variety of exchanges.
Specifically, the report believes that these delistings affected privateness cash' market energy in the long run moderately than within the quick time period. Consequently, privateness blockchain has attracted the eye of traders, and the market share of the community (ROSE) has surged from $77.62 million in January 2021 to $800 million.
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