According to a recent study by CoinGecko, the market share of first-generation privacy coins in the privacy blockchain sector has been taken over by privacy blockchains, accounting for 44.3% since 2021.
The data shows that established privacy coins, including Monero (XMR), previously dominated the cryptocurrency privacy market in 2021, reaching a market share of 96.6% (approximately $4.62 billion in market value). However, by February 2024, their market share had decreased to only 52.3% ($3.08 billion). In contrast, the market share of privacy blockchains grew 14 times, increasing from 3.4% ($160 million in market value) to 47.7% ($2.81 billion).
According to the CoinGecko report:
Changes in market share of privacy coins and privacy blockchains (Source: CoinGecko)
Among the top three privacy coins in the study, Dash (DASH) experienced the largest decline in market share, dropping from 22.7% in January 2021 to 5.6% in February 2024, a decrease of 17.1%. Zcash (ZEC) saw its market share decrease from 19.1% to 5.8% (-13.3%), while Monero’s market share dropped from 54.8% to 40.9% (-13.9%).
At the same time, the market share of several privacy blockchains increased. Oasis Network (ROSE) grew by 11.9%, Secret Network (SCRT) by 0.6%, and Dusk Network (DUSK) by 1.9%. During this period, three new privacy blockchains entered the market: Mina Protocol (MINA) and Aleph Zero (AZERO) saw their market share grow by 18.4% and 3.9%, respectively, since the commencement of token trading. Iron Fish (IRON) was the only privacy blockchain that experienced a decrease in market share since its launch (-1.7%).
Market share of the top nine privacy coins and privacy blockchains (Source: CoinGecko)
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