Zcash-Led Privacy Coins Defy Crypto Downtrend with 213% Gain

According to data from Glassnode, one crypto sector has managed to defy the downtrend and is now up 213% since Bitcoin peaked last October. This remarkable performance belongs to the privacy coin sector, which has bucked the trend of declining prices across most other sectors.

Glassnode tracks ten sectors, including DeFi, Gaming, and others, and calculates their performance against their price on October 6, when Bitcoin reached its all-time high of $126,199. The median coin in the top 200 is now 58% cheaper than it was at that time.

Privacy coins were worth around $7.1 billion a year ago but have surged to $33.6 billion, surpassing Tron's market value. Zcash is driving this growth, with its price up 687% since Bitcoin's high and now ranking ninth by market value at $19.9 billion.

The sector has not been smooth sailing, however, as Zcash faced a critical bug in June that it later fixed with the Ironwood network upgrade in July.