Privacy Cryptocurrencies Surge Following Bullish Analyst Report
A recent report by ICO advisory firm Satis Group highlighted the long-term value potential of cryptocurrencies that boast privacy features, as they believe these networks are likely to be the largest beneficiaries of most store-of-value use cases.
The research report claims privacy coins having the largest upside of the entire cryptoasset market, noting that the largest end-markets will primarily use Monero (~60%) and Zcash (~20%). Given this assessment, Satis predicts Monero (XMR) could be worth $18,000 within the next five years, which represents a roughly 15,100% upside.
After the analysis dropped, the AltDex Privacy Coin Index (ALTPRV), which tracks cryptocurrencies and tokens focused on privacy or security, began to rise and is currently up 9.4% over the last 24 hours.
Monero and Zcash currently make up roughly 47.1% and 17.2%, respectively, of the ALTPRV. While these coins have benefited from the recent report, ZenCash (ZEN), a privacy-focused cryptocurrency platform, has seen increased momentum following its decision to rebrand as Horizen earlier this week. Horizen makes up 2.15% of the ALTPRV.
The Privacy Index may soon have another major addition as Charlie Lee, the founder of Litecoin (LTC), is currently tossing around the idea of adding privacy functionality to bring true fungibility to the popular altcoin.
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.