Monero Leads Rally in Privacy Coins, Rising to Two-Year Highs

Privacy-focused cryptocurrencies jumped on Monday after several countries called for access to encryption software.

AccessTimeIconOct 12, 2020 at 4:34 p.m. UTC
Updated Sep 14, 2021 at 10:08 a.m. UTC

Major privacy-focused cryptocurrencies jumped on Monday, with monero (XMR), the biggest of the lot, extending its impressive recent run to two-year highs. The move came after a group of countries jointly called for "back doors" into encryption software. That backdoor access potentially diminishes the privacy-safeguarding utility of such software and is driving increased interest in the privacy coins.

  • Monero traded at $135 during early U.S. hours, the highest level since September 2018, according to CoinDesk 20.
  • The 15th largest cryptocurrency by market value has gained 23% this month alone and is up nearly 80% from lows below $75 observed in early September.
  • On a 24-hour basis, monero is currently up 7.6%, while bitcoin (BTC), the number one cryptocurrency, is up 0.75%.
  • Zcash (ZEC), also a privacy coin, is changing hands near $75 at press time, representing a 6.7% gain on the day.
  • Other cryptocurrencies with anonymity features such as zcoin, horizen and harmony are also flashing green, according to data source Messari.
  • These coins are gaining ground in the wake of a demand by the countries of the Five Eyes Alliance plus India and Japan for access to encrypted apps.
  • On Sunday, officials from the alliance – the U.S., U.K., Australia, Canada and New Zealand – signed, with India and Japan, a joint statement supporting strong encryption but with backdoor access that would help lawmakers protect vulnerable sections of society.
  • The statement escalates an ongoing battle between those favoring stronger encryption and companies building security protocols into their apps.
  • Lawmakers worldwide may eventually target privacy coins because they facilitate the hiding of user identity via encryption.
  • Recently, the U.S. Internal Revenue Service hired the blockchain intelligence firm Chainalysis and data forensics company Integra Fec to develop transaction tracing tools for XMR.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.