Privacy Coins Surge Again, a Possible Leading Indicator for the Crypto Market
Things seem to be heating up once again, as the index is up nearly 10% in a matter of hours. This bullish price action is being led by several coins, including Komodo (KMD), Monero (XMR) and Verge (XVG).
The recent uptick is significant, as the broader market has yet to fully join the digital asset class in another major bullish move. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up only 0.18% as Bitcoin tries to break through $7,250.
Given the current price action, a surge of buying when the U.S. market returns from the long weekend holiday could help push Bitcoin to new monthly highs and the recent price action with privacy coins could be a leading indicator of investor sentiment.
A similar situation happened on August 26 when the AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, jumped nearly 30% prior to a broader market run-up that saw Bitcoin move from $6,700 to nearly $7,100.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.