- Privacy coins lost 44.3% of their market share to privacy blockchains, CoinGecko noted.
- The top two privacy blockchains are Mina Protocol and Oasis Network.
- The decline of privacy coins’ dominance is linked to delisting.
Privacy-focused coins have witnessed a significant decline in their market shares after facing stiff competition from privacy blockchains, as per a report from CoinGecko.
Privacy coins have lost 44.3% of their market share to privacy blockchains since 2021, according to CoinGecko. The top two privacy blockchains include Mina Protocol, with a 23.2% market share, and Oasis Network, with a 13.6% market share.
CoinGecko noted that in January 2021, privacy coins had a 96.6% share of the crypto privacy market, amounting to a $4.62 billion market capitalization. However, as of February 2024, they held 52.3% of the privacy sector.
In contrast, privacy-focused blockchains have reportedly seen their market shares skyrocket by 14 times, from 3.4% ($0.16 billion) to 47.7% ($2.81 billion). Meanwhile, privacy coins Monero (XMR) and Zcash (ZEC) witnessed their market share decline from 54.8% to 40.9% and 19.1% to 5.8%, respectively.
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