The crypto space has continued to evolve in the past two years as different coins tend to specialise in a specific sector in the bid to gain comparative advantage over other coins.
The Privacy sector is one that has developed quickly as it is widely regarded that the concept behind cryptocurrency was to make faster, secure and private transactions.
This has made the sector a valuable niche for several blockchain projects as there has been increased activity towards privacy coins. The past two years had sent the rise of privacy projects such as Monero (XMR), ZCash, Verge (XVG).
Monero Continues To Hold Large Share Of The Privacy Market According To Latest Report
Monero(XMR) which is probably the most popular privacy coin had been criticised in 2018 for a number of hacks to its network. However, 2019 has been a good year for the coin as it has moved forward with different successful hard fork releases.
This has pushed its market share up within the privacy coin niche. A number of market indicators suggest that XMR has close to half of the Privacy coin market share. BitcoinExchangeGuide which is a popular crypto online magazine revealed that Monero is still the top privacy coin with a market share of 46.9%.
This is quite impressive and coincidentally tallies with the results of the Weis online twitter poll reported by Today’s Gazette which rated the popularity of Privacy coins. Monero (XMR) recorded 53% of the votes which indicated it’s popularity within the crypto community.
Zcash (ZEC) Remains A Distant Second Ahead Of Other Coins
Zcash(ZEC) came second in the online twitter poll with 24% of the votes which is indicative of the report as the coin holds 17.8% of the privacy coin market share. Verge surprising ranked 4th in the list with 6.4% behind Bytecoin which commands 7.4% of the market share.
Dash was a surprising omission on the list as the coin was ranked third on the Weis online twitter poll. Lesser known Privacy coins such as Maidsafecoin(MAID), Zcoin (XZC) and PRiVCY (PRIV) all hold around 2% of the market share.
Conclusion: Monero (XMR) To Continue Market Dominance In 2019
The demand for XMR has surged in 2019 with the coin increasing in value by 50% after the bearish period experienced in the latter half of 2018.
It would be difficult for rival coins to wrestle part of its market share as the coin combination of privacy and fungibility has continued to drive it as one of the most trusted coins in the Crypto space.
