Monero Kyber Network and Tornado Cash Surge as Investors Flock to Privacy Technologies

The bullish spike in Bitcoin and the urgent demand for secure crypto transactions seem to be benefiting XMR, TORN, and KNC.

On March 9, stocks and cryptocurrencies had a remarkable rebound, despite the fact that conflict, increasing inflation, and record high oil costs have investors concerned about the future.

In the early trading hours, the price of Bitcoin (BTC) jumped to $42,600, and numerous altcoins followed suit with double-digit rises.

According to Cointelegraph Markets Pro and TradingView data, the top gainers in the last 24 hours were Monero (XMR), Kyber Network (KNC), and Tornado Cash (TORN), with Zcash (ZEC) getting an honorable mention.

Monero

Monero is one of the cryptocurrency market’s longest-running privacy-focused protocols, and the project is popular among investors seeking private, anonymous transactions.

According to Cointelegraph Markets Pro and TradingView data, the price of XMR rose 36% from a low of $153 on March 7 to a daily high of $208.82 on March 9, while its 24-hour trading volume grew by 186%.

The rising price of Monero coincides with a rise in global regulatory concerns and penalties, which may have driven crypto users toward privacy-focused protocols in order to avoid having their funds taken or frozen.

The Kyber Network

Kyber Network’s hot run, which began in early 2022, was extended as the multichain decentralized exchange and aggregation platform had its price rise 37 percent from a low of $2.33 on March 7 to a daily high of $3.19 on March 8, while its 24-hour trading volume increased 222 percent.

Prior to the current price increase, VORTECSTM data from Cointelegraph Markets Pro detected an optimistic outlook for KNC on Jan. 22.

The VORTECSTM Score for KNC reached a high of 77 on Jan. 22, roughly 48 hours before the price started to rise 148.58 percent during the following six weeks, as seen in the chart above.

The impetus for KNC stems from the late-January release of Kyber 3.0 and the protocol’s March 6 debut on Arbitrum, which promises quicker transaction speeds with cheaper costs.

Related: Kyber Network (KNC) outperforms the market with a 57 percent rise in January.

Tornado Funding

Tornado cash is a non-custodial, decentralized system that allows for private crypto transactions by severing the on-chain connection between source and destination addresses.

Cointelegraph Markets Pro’s VORTECSTM data started to indicate a positive outlook for TORN on March 8, before to the latest price increase.

The VORTECSTM Score for TORN started to rise on March 7 and reached a peak of 87 on March 8, roughly one hour before the price jumped 32.7 percent the following day, as seen in the chart above.

TORN’s price has risen in response to the introduction of the protocol’s new decentralized re-layers network, which aids in the preservation of anonymity throughout the withdrawal process on the platform. Those interested in joining the re-layers network must stake a minimum of 300 TORN.

The total cryptocurrency market value is currently $1.732 trillion, with Bitcoin commanding 42.4 percent of the market.