Privacy coins Zcash and Monero are currently locked in a ranking battle with the crypto market now eager to see a sustained outcome from this. Zcash has been in the spotlight as privacy coins saw a resurgence.
Following a massive surge, which began in late September, Zcash overtook Monero to become the top privacy coin by market capitalization.
Owing to Zcash’s recent profit-taking, its position as the biggest privacy coin is challenged by none other than its close rival, Monero (XLM), as the latter seeks to regain this position it had hitherto held.
According to CoinMarketCap, Zcash ranks as the 17th largest cryptocurrency with a market capitalization of $7.57 billion.
At the time of writing, Zcash was trading down 2.18% in the last 24 hours to $461, having earlier hit a high of $744 on Nov. 7.
Zcash flipped by Monero
At press time, Monero was winning the privacy token ranking tussle, as it surpassed Zcash in market capitalization.
According to CoinMarketCap data, Monero ranks as the 16th largest cryptocurrency with a market capitalization of $7.69 billion, ahead of Zcash, which sits in the 17th spot of the top 100 crypto rankings with a market capitalization of $7.56 billion.
With this move, Monero regains its position as the biggest privacy token by market capitalization.
Monero increased 20% this week on futures speculation while Zcash fell about 10%, reflecting leverage and possibly capital rotation within the privacy narrative. At the time of writing, Monero (XLM) was up 1.61% in the last 24 hours to $416, while Zcash was down in this time frame.
The recent Monero price rally could be undone if investors unwind their positions, which would allow profits to rotate into Zcash, Dash or other crowd-favorite privacy coins. Hence, the ranking flip between Zcash and Monero will be watched to see if it will sustain as investors rotate in and out of both coins.
Source: https://u.today/zcash-monero-in-tight-ranking-race-who-wins
