Dash and Monero, two privacy-focused cryptocurrencies with very different designs (Dash being the original implementation of Evan Duffield’s X11 algorithm while Monero is an implementation of the Cryptonote protocol), have taken the opportunity over the past couple of weeks to steadily rise to all-time highs.
Monero, which means money in Esperanto [link regarding Esperanto], was seeing prices over $80 on Monday morning, reaching #11 in terms of market capitalization while having over twice as much volume as the #10 position (Ethereum classic.)
This represents a new all-time high for Monero, and if recent events are any indicator, some of these gains will be sustained in near-future trading.
Dash has for a long time been viewed as an impressive innovation on the basic Bitcoin invention. For years they have had impressive features such as incentivized full nodes, instant transactions, completely private transactions, built-in coin mixing, and more. A recent infographic was circulating on social media as of Sunday evening, and really sums up the objections that have been made to Dash’s success:
Dash’s price is now in competition with essentially Bitcoin Cash, Ethereum, and Bitcoin itself, with 1 Dash now representing multiple litecoins. Dash continues its development efforts through a decentralized funding mechanism which happens through the Masternode setup. In many ways, from an external perspective, Dash probably appears much more prepared to scale and confront controversy than Bitcoin might at present. CCN conducted the following interview with Dash founder Evan Duffield a couple years ago:
While a lot of attention and funds were going into the Monero and Dash projects, Bytecoin took a nose-dive, losing as much as 50% of its value in the past week or so.
CCN conducted an interview with Bytecoin community leader Jenny Goldberg last week. Bytecoin’s continued development efforts and focus on privacy will continue to yield it a valid position in the realm of privacy-centric cryptocurrencies in the coming years.
It is interesting that privacy-focused cryptocurrencies seem to be the slowest to rise. While Ethereum, Litecoin, and others have seen spikes and interest from their inception, it seems that the cryptocurrency economy must grow to a significant size before interest in privacy-focused alternatives grows enough to float their prices a bit higher.
Disclaimer: The author holds all three of the currencies discussed in this article.
Featured image from Shutterstock.