The overall market for crypto currencies experienced a good weekend. The Bitcoin course rose above the mark of 11,000 US Dollar and could lock on the previous day with approximately 11,375 US Dollar.
This result was also very important for the Altcoins, because this positive statement brought a windfall effect that is still continuing for some crypto currencies. First and foremost Monero, as XMR managed to break through the $120 mark, which it had last failed to break at the end of June 2019.
Privacy coins are getting more popular than ever, especially for the gambling industry. Using XMR for gambling is far more anonymous than signing up for provider like cloudbet, which only accept BTC or Bcash.
It seems that the only remaining risk is that this was only a short-term upward correction for BTC. This is because in the weekly chart, the price zone between USD 11,500 and USD 11,600 could still act as a strong resistance. So it could well become tight again and thus also pull the rest of the market along with it.
- The Monero exchange rate broke through the USD 130 mark.
- Zcash is not very convincing, but has also gained.
- Both Coins want to protect the privacy of their users, one of the few real use cases besides DeFi.
- Check this FAQ here, if you are new to Monero and this FAQ here, if you are new to Zcash.
Gemini launches Shielded Transactions for Zcash
At the end of September, the Gemini crypto exchange launched so-called shielded transactions for its customers. This means that they can now protect their transactions from prying eyes when they withdraw the ZEC from the exchange.
The fact that Gemini identifies its customers in turn makes the whole thing a bit absurd. After all, the feature can be used to prevent third parties from gaining direct insight. However, Zcash does not prove to be as resistant to block chain analysis, which is partly because the protection is optional and does not have to be used.
However, this consideration does not cloud the ZEC’s performance, which has increased by just over 31 percent in the last 14 days. However, there is still plenty of room for improvement up to the magic mark of 100 US dollars.
The accolade for Monero
Cracking Monero is important to US authorities, and to this end, contracts have recently been awarded to companies to try and crack it. Meanwhile, there is one company that claims to have found a way, but actual capacity is considered low and the announcement questionable.
Bitcoin has been digital gold at least since Michael Saylor, Ethereum wants to decentralize the financial market and Monero is the only candidate so far to guarantee privacy and data protection.
It seems as if the public tenders of the authorities are almost proof that Monero has done everything right. Now the share price has broken out and a look at the charts shows that this could herald a long-term trend.