CoinGecko: Privacy coins have lost 44.3% market share since 2021

CoinGecko said in a recent report that privacy coins have lost 44.3% of market share since 2021, based on the monthly average token market capitalization of major crypto privacy assets, with much of that share shifting to privacy-focused blockchains chain. In January 2021, privacy coins dominated the crypto-privacy market with 96.6% (market capitalization of $4.62 billion), but as of February 2024, this share was only 52.3% ($3.08 billion). In comparison, privacy blockchain’s market share grew 14-fold, from 3.4% (market cap $160 million) to 47.7% ($2.81 billion). This demonstrates continued progress in crypto privacy: from pioneering privacy coins modeled after Bitcoin, to use primarily as currency, to next-generation privacy blockchains, a broader ecosystem with smart contract capabilities and regulatory considerations. Among the top three privacy coins surveyed, Dash (DASH)’s market share dropped from 22.7% in January 2021 to 5.6% in February 2024, losing its largest market share of 17.1%. Over the same period, Zcash’s (ZEC) market share fell from 19.1% to 5.8% (-13.3%), while Monero’s (XMR) market share fell relatively less, from 54.8% to 40.9% (-13.9%). Meanwhile, privacy blockchain’s market share grew by 11.9%, Oasis Network (ROSE) by 11.9%, Secret Network (SCRT) by 0.6%, and Dusk Network (DUSK) by 1.9%.