Privacy Coins Surge Again, a Possible Leading Indicator for the Crypto Market

Privacy cryptocurrencies are up big over the last 24 hours, led by Monero and Komodo.

Privacy cryptocurrencies have been on a tear over the past week, with the AltDex Privacy Coin Index (ALTPRV) up over 20%.

Things seem to be heating up once again, as the index is up nearly 10% in a matter of hours. This bullish price action is being led by several coins, including Komodo (KMD), Monero (XMR) and Verge (XVG).

The recent uptick is significant, as the broader market has yet to fully join the digital asset class in another major bullish move. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up only 0.18% as Bitcoin tries to break through $7,250.

Given the current price action, a surge of buying when the U.S. market returns from the long weekend holiday could help push Bitcoin to new monthly highs and the recent price action with privacy coins could be a leading indicator of investor sentiment.

A similar situation happened on August 26 when the AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, jumped nearly 30% prior to a broader market run-up that saw Bitcoin move from $6,700 to nearly $7,100.

Source
Author CRAIG RUSSO 
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Simon Price

Simon has been active in the cryptosphere for over 7 years and is passionate about new technology. When he's not blogging and trading he can be found catching the surf on his local beach.