Zcash’s Surge Sparks Interest in Privacy Coins
In October, Zcash (ZEC) experienced a significant price increase, reaching levels not seen in several years, despite the overall market facing challenges. This rise has rekindled interest in the privacy coin market, prompting investors to seek out other potential beneficiaries of what is being termed the ‘Zcash effect.’ Notable among these are Syscoin (SYS), Celo (CELO), and iExec RLC (RLC), all of which are demonstrating early signs of upward momentum and are well-positioned for potential growth.
Syscoin (SYS)
Syscoin (SYS) operates on a blockchain that merges the security of Bitcoin with the smart contract functionality of Ethereum. By utilizing merge-mining with Bitcoin, it employs a UTXO chain for security alongside an EVM chain for decentralized applications, facilitating quick, secure, and scalable transactions. The SYS token has seen a robust trading volume exceeding $50 million in the last 24 hours, marking a staggering increase of over 1,200%, while its market capitalization hovers around $26 million. This activity yields a Vol/Mkt Cap ratio of 1.92, indicating strong market engagement and the potential for further growth if this momentum continues. However, such high trading volume may also instigate increased volatility, leading to sharp price changes in the near term. Currently, SYS is trading at $0.031, reflecting an 8.1% daily gain.
Growth Indicators for Syscoin
In addition to the surge in trading activity, the on-chain statistics for Syscoin further illustrate its potential for expansion. Data from the Syscoin explorer indicates a consistent rise in the number of accounts over the past few years, suggesting an increase in user adoption.
Celo (CELO)
Celo is an Ethereum Layer 2 blockchain aimed at facilitating swift, cost-effective, and accessible digital payments for everyone. It is notable for being the first payments-centric blockchain to incorporate Nightfall, an open-source zero-knowledge proof (ZKP) privacy layer that bolsters transaction confidentiality while preserving Celo’s efficiency and affordability. CELO has benefited from the growing trend towards privacy coins, achieving a price of $0.30, which is a 7.08% increase over the previous day.
Celo’s Rising Popularity
The trading volume for CELO reached $56 million in the last 24 hours, reflecting a 115.7% increase. With a market capitalization just shy of $200 million, CELO has garnered significant interest from South Korean investors, as evidenced by KRW-denominated trading on the Upbit exchange reaching its highest levels since 2022. Upbit now contributes approximately 15% of Celo’s total trading volume, a trend often indicative of momentum as retail participation from South Korea grows.
iExec RLC (RLC)
iExec (RLC) serves as a decentralized platform that facilitates the development and integration of privacy-centric applications. It empowers users to retain complete control over their data, allowing them to choose whether to share, rent, or keep it private, while also establishing clear guidelines for its use. With its modular tools, developers can seamlessly incorporate privacy, data ownership, and governance into their applications without the burden of managing complicated infrastructure. Established in 2017, iExec has consistently pursued the privacy narrative, weathering various market downturns.
iExec’s Recent Developments
Recent data from BeInCrypto Markets indicates that RLC has gained significant attention from traders, with its market cap currently at $68.3 million. The daily trading volume for RLC has surged nearly 400%, reaching $38 million. Over the past day, RLC’s price has risen by 8.41%, with the current trading value at $0.94. On October 13, iExec announced the successful completion of a smart contract security audit by Halborn, which covered its Ethereum-Arbitrum bridge and RLC contracts, reinforcing trust amid increasing demand. Halborn stated, “iExec is the builders’ home for privacy tools, now live on @arbitrum. Add privacy to existing apps, or build new ones with privacy at the core!” This development addresses a significant gap in the Arbitrum ecosystem, which has a total value locked (TVL) exceeding $3.15 billion but previously lacked secure computation tools. By enabling encrypted data processing for decentralized finance (DeFi) and artificial intelligence (AI) applications, iExec is well-positioned to meet the increasing demand for utility-driven solutions as developers create privacy-enhanced decentralized applications (dApps). As the concept of privacy gains traction, iExec’s decentralized confidential computing tools are set to fulfill the requirements of both developers and enterprises, bolstering RLC’s long-term potential.
