Privateness Cash Misplaced 44.3% of Market Share to Privateness Blockchains

• Privateness cash misplaced 44.3% of their market share to privateness blockchains, CoinGecko famous.
• The highest two privateness blockchains are Mina Protocol and Oasis Community.
• The decline of privateness cash’ dominance is linked to delisting.

Privateness-focused cash have witnessed a big decline of their market shares after dealing with stiff competitors from privateness blockchains, as per a report from CoinGecko. 

Privateness cash have misplaced 44.3% of their market share to privateness blockchains since 2021, in accordance with CoinGecko. The highest two privateness blockchains embody Mina Protocol, with a 23.2% market share, and Oasis Community, with a 13.6% market share.

CoinGecko famous that in January 2021, privateness cash had a 96.6% share of the crypto privateness market, amounting to a $4.62 billion market capitalization. Nonetheless, as of February 2024, they held 52.3% of the privateness sector. 

In distinction, privacy-focused blockchains have reportedly seen their market shares skyrocket by 14 instances, from 3.4% ($0.16 billion) to 47.7% ($2.81 billion). In the meantime, privateness cash Monero (XMR) and Zcash (ZEC) witnessed their market share decline from 54.8% to 40.9% and 19.1% to five.8%, respectively. 

Moreover, CoinGecko claimed that for the reason that privateness cash rose in recognition through the early days, they’ve witnessed delistings from many exchanges. The delisting was “fueled by regulatory safety over unlawful or illicit actions,” in accordance with the report.

Intimately, some privateness cash have been delisted from Upbit in 2019, Bittrex and Coincheck in 2021, HTX in 2022, together with OKX and Binance’s Europe operations in 2023, famous the CoinGecko report. Curiously, XMR additionally witnessed a 5.3% month-on-month decline in market share in February 2024 after Binance introduced delisting from its wider change. 

Notably, the report believes that these delistings have impacted the market dominance of privateness cash in the long term slightly than on a shorter foundation. Because of this, privateness blockchains have gained the eye of traders, with Community (ROSE) witnessing its market share surge to $0.80 billion from $77.62 million in January 2021.