Privacy-based cryptocurrency Monero has surged 24% in the past day, while Zcash and Secret have both added 16% amid increasing demand.
The technical analysis shows that XRM could retrace to $180, while ZEC and SCRT are expected to drop to $129 and $4.20, respectively.
The surge comes as cryptocurrency exchanges remain under pressure to scrutinize activities among Russian users. Coinbase recently banned 25,000 Russian addresses due to illegal activities.
The co-creator of MinePlex crypto bank, Alexander Mamasidikov, notes that the privacy coins possess essential use cases that may also increase their demand in the future.
Privacy cryptocurrencies use cryptography to conceal transactions linked to wallet addresses, making them untraceable.
The coins had been overshadowed by decentralized finance and the use of smart contracts in facilitating financial transactions.
The surge comes as the cryptocurrency market rebounds to add 6% to its total market capitalization in the past day.
Source: Coindesk
