Privacy tokens have returned the largest share of gains that crypto markets were holding on to.
Zcash (ZEC) fell 5.2% over 24 hours to $619, the biggest decline among the top 20 by market cap, although the token is still up 8.2% over the past seven days, according to CoinDesk data. Monero (XMR) fell 4% to $378.
Both have been among the top performers in crypto over the past few weeks, with ZEC gaining institutional attention following the disclosure of Multicoin Capital’s stake earlier this month and the broader narrative around privacy tokens.
A 5% drop after this type of rally is akin to profit-taking rather than a further sell-off, since structural buyers of privacy tokens have been adding tokens throughout the rally, without handing out a distribution.
Hyperliquid’s HYPE token traded above Dogecoin’s market cap during Asian hours before retreating, with HYPE down 4% to $59 and by 0.8% to $0.1009. HYPE is still up 23.6% over the past seven days thanks to SpaceX’s pre-IPO perpetual launch last week on Hyperliquide.
Tron (TRX) was the only gainer among the top 10, up 2.6% to $0.3739 and up 4.8% over the past seven days. Bitcoin held near $76,500, ether at $2,087, and Solana at $83.97, all in tight ranges with no major movement in either direction.
The macroeconomic context led to the cautious tone. US Central Command confirmed strikes against missile launch sites in Iran and boats attempting to place mines in the Strait of Hormuz, calling the action defensive.
Brent crude rose almost 2% to $98 a barrel, rebounding from Monday’s 7% fall when London and New York were closed for holidays. The dollar strengthened against all its G10 peers, gold fell 0.6% to $4,545 and S&P 500 futures posted a 0.6% gain after the U.S. market closed on Monday.
