Privacy tokens experienced their most significant decline as Zcash (ZEC) dropped 5.2% over 24 hours to $619, marking the biggest pullback among the top 20 by market cap according to CoinDesk data. Monero (XMR) fell 4% to $378, though both tokens remain up 8.2% over the past seven days. The pullback was framed as profit-taking rather than fresh selling, as structural buyers in privacy tokens have been adding through the rally rather than distributing into it. As per CoinDesk, a 5% drop after such a strong run reads as profit-taking rather than fresh selling, since the structural buyers in privacy tokens have been adding through the rally, not distributing into it.
Hyperliquid's HYPE token briefly traded above Dogecoin's market cap during Asian hours before pulling back, with HYPE down 4% to $59 and Dogecoin (DOGE) off 0.8% to $0.1009. Tron (TRX) was the lone gainer among the top 10, up 2.6% to $0.3739 and 4.8% over the past seven days. Bitcoin held near $76,500, ether sat at $2,087, and Solana traded at $83.97, all in tight ranges with no major movement in either direction. HYPE is still up 23.6% over the past seven days on the back of last week's SpaceX pre-IPO perpetual launch on Hyperliquid, according to latest reports.
The US Central Command confirmed strikes on missile launch sites in Iran and boats attempting to place mines in the Strait of Hormuz, describing the action as defensive according to reports. Brent crude rose almost 2% to $98 a barrel, bouncing back from Monday's 7% slump when London and New York were closed for holidays. The dollar strengthened against all G-10 peers, while gold pulled back 0.6% to $4,545. S&P 500 futures held a 0.6% gain after Monday's US market closure. The current market volatility with both privacy tokens and oil prices responding to escalating Middle Eastern tensions suggests continued market sensitivity to geopolitical developments.
Both privacy tokens have been among the strongest performers across crypto over the past several weeks, with ZEC drawing institutional attention after Multicoin Capital's stake disclosure earlier this month and the broader narrative around privacy tokens gaining momentum. The pullback comes after weeks of gains driven by institutional interest and renewed focus on privacy-focused digital assets. Both privacy tokens have been among the strongest performers across crypto over the past several weeks, with ZEC drawing institutional attention after Multicoin Capital's stake disclosure earlier this month and the broader narrative around privacy tokens gaining momentum. The current market volatility with both privacy tokens and oil prices responding to escalating Middle Eastern tensions suggests continued market sensitivity to geopolitical developments.
