MidnightNIGHT: $724 million layer 1 (L1), zero knowledge (ZK)
Market cap is price times coins in circulation, from CoinGecko. The small words beside each coin are CoinGecko's own tags. A size ranking, not a pick.
What is Privacy crypto?
Privacy crypto coins are the coins CoinGecko tags as Privacy, Privacy Blockchain, Privacy Infrastructure or Privacy Coins. Each coin sits in one theme only: the first, most specific one its tags match. We track 26 Privacy coins, 23 of them rated below.
Bottom line
Monero ranks first for research priority in Privacy crypto at 72.7/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is +15.4% on 39% breadth, which is what decides whether that lead is isolated or broad. 3 of the 23 assets here carry enough native evidence to move past a price-led label.
These Privacy coins are part of the cryptocurrency universe this site tracks daily: the top 1,000 coins by market cap when the list was built, priced from exchange closes where we have a price we trust, and matched to protocol fees and revenue where a protocol publishes them.
The theme itself · before any single company
How has Privacy moved against Bitcoin?
The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 76% ahead of Bitcoin. Protocol revenue across its protocols grew 2% on average over the last four reported quarters — close to flat. It has been ahead of Bitcoin on a rolling three-month view for 10 weeks running.
FADING · −7 in 4w⚠Price up, without the fundamentals confirming9 of 22 coins ahead of Bitcoin by 5% or more over three months
Ahead of Bitcoin for 10 weeks running; 8/22 >200d (−5); 9 of 22 ahead of Bitcoin by 5% or more over three months (7 fewer than four weeks earlier).
Privacy, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Privacy, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Privacy, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Both lines start at 200 in the same week, so the gap between them tells the story: the theme line is an equal-weighted index of its 22 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member set to 100 at the start and the theme taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns red when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover or tap any point to read both values and the gap.
BTC LED market context
Privacy vs Bitcoin: Relative Strength & Breadth
Privacy crypto has outperformed Bitcoin by 24% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +15.4%. 9 of 23 covered assets are above their own 200-day average. Zcash leads Bitcoin-relative strength at +152%. Price readings are as of 2026-10-30.
+15%13 weeks vs Bitcoin
+24%52 weeks vs Bitcoin
9 of 23above their 200-day average
ZECfurthest ahead of Bitcoin · +152%
Assets
23
canonical functional membership
Activity-covered
3/23
enough native evidence
Top score
72.7/100
Monero
Calendar quarters
20
complete; missing stays missing
Global asset selection · top 20 shown
Showing 20 of 23 assets
00 · exact additive research priority
4-Factor Crypto Evidence Score
A within-theme research-priority score for the 23 assets in Privacy, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Monero is highest at 72.7/100 on 50% evidence. It ranks research attention, not portfolio action.
Monero leads the current research queue at 72.7/100 with 50% evidence.
3 of 23 assets have enough native activity evidence to move beyond a price-led label.
3 of the 26 Privacy coins are not rated this week: 3 report no traded volume. They are listed in full below the ranking.
Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either: it is listed as not rated.
1. Monero · XMR
72.7/100 · Price-led, little network data · 50% evidence
Exact sum: 33.5 + 15.0 + 10.0 + 14.2 = 72.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +38.1 pts · vs its theme (30 days): +26.8 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
14.2/15Liquidity & risk
Typical daily trading: $108.9M · price swings: 49.3% a year
100% evidence
2. Zcash · ZEC
70.2/100 · Price-led, little network data · 50% evidence
Exact sum: 33.0 + 15.0 + 10.0 + 12.2 = 70.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +39 pts · vs its theme (30 days): +16.1 pts · above its 200-day average
100% evidence
16.0/30Usage growth
Fees -15.6% · revenue -15.6% · users —
70% evidence
14.1/20Value capture
Fee yield 3.11% · revenue yield 3.11%
100% evidence
3.5/15Liquidity & risk
Typical daily trading: $366.4K · price swings: 157.9% a year
100% evidence
4. Dash · DASH
65.3/100 · Price-led, little network data · 50% evidence
Exact sum: 29.1 + 15.0 + 10.0 + 11.2 = 65.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +34.1 pts · vs its theme (30 days): 0 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
11.2/15Liquidity & risk
Typical daily trading: $61.1M · price swings: 70.4% a year
100% evidence
5. Midnight · NIGHT
63.7/100 · Thinly traded · 50% evidence
Exact sum: 31.5 + 15.0 + 10.0 + 7.2 = 63.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +94.8 pts · vs its theme (30 days): +21.1 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.2/15Liquidity & risk
Typical daily trading: $2.1M · price swings: 138.8% a year
100% evidence
6. Litecoin · LTC
60.8/100 · Price-led, little network data · 50% evidence
Exact sum: 22.0 + 15.0 + 10.0 + 13.8 = 60.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +3.5 pts · vs its theme (30 days): +2.3 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
13.8/15Liquidity & risk
Typical daily trading: $224.7M · price swings: 51.4% a year
100% evidence
7. Zama · ZAMA
60.1/100 · Price-led, little network data · 50% evidence
Exact sum: 25.2 + 15.0 + 10.0 + 9.9 = 60.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +11.3 pts · vs its theme (30 days): +6.1 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.9/15Liquidity & risk
Typical daily trading: $31.6M · price swings: 118.5% a year
100% evidence
8. Ergo · ERG
56.3/100 · Thinly traded · 50% evidence
Exact sum: 26.2 + 15.0 + 10.0 + 5.1 = 56.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +15.1 pts · vs its theme (30 days): +3.4 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.1/15Liquidity & risk
Typical daily trading: $159.9K · price swings: 97.7% a year
100% evidence
9. ALEO · ALEO
54.3/100 · Thinly traded · 50% evidence
Exact sum: 23.4 + 15.0 + 10.0 + 5.9 = 54.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +46.5 pts · vs its theme (30 days): +5.6 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.9/15Liquidity & risk
Typical daily trading: $2.7M · price swings: 189.8% a year
100% evidence
10. Horizen · ZEN
54.0/100 · Price-led, little network data · 50% evidence
Exact sum: 19.2 + 15.0 + 10.0 + 9.8 = 54.0
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +13.1 pts · vs its theme (30 days): −7.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.8/15Liquidity & risk
Typical daily trading: $15.0M · price swings: 63.3% a year
100% evidence
11. MimbleWimbleCoin · MWC
51.8/100 · Thinly traded · 50% evidence
Exact sum: 21.3 + 15.0 + 10.0 + 5.5 = 51.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −9.2 pts · vs its theme (30 days): +39.8 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.5/15Liquidity & risk
Typical daily trading: $4.9K · price swings: 51% a year
100% evidence
12. Mina Protocol · MINA
50.8/100 · Price-led, little network data · 50% evidence
Exact sum: 18.3 + 15.0 + 10.0 + 7.5 = 50.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −12.1 pts · vs its theme (30 days): +5.3 pts · below its 200-day average
100% evidence
17.6/30Usage growth
Fees 14% · revenue — · users —
50% evidence
15.0/20Value capture
Fee yield 19.03% · revenue yield 0.23%
81% evidence
6.2/15Liquidity & risk
Typical daily trading: $87.6K · price swings: 56.1% a year
100% evidence
14. Nockchain · NOCK
43.5/100 · Thinly traded · 50% evidence
Exact sum: 16.1 + 15.0 + 10.0 + 2.4 = 43.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +13.7 pts · vs its theme (30 days): −15.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
2.4/15Liquidity & risk
Typical daily trading: $987.7K · price swings: 183.4% a year
100% evidence
15. Verge · XVG
41.4/100 · Thinly traded · 50% evidence
Exact sum: 10.3 + 15.0 + 10.0 + 6.1 = 41.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −3 pts · vs its theme (30 days): −10.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.1/15Liquidity & risk
Typical daily trading: $1.5M · price swings: 62.7% a year
100% evidence
16. Oasis · ROSE
40.2/100 · Thinly traded · 50% evidence
Exact sum: 7.4 + 15.0 + 10.0 + 7.8 = 40.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −12.1 pts · vs its theme (30 days): −11.7 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.8/15Liquidity & risk
Typical daily trading: $2.6M · price swings: 83.5% a year
100% evidence
17. Decred · DCR
36.0/100 · Thinly traded · 50% evidence
Exact sum: 4.2 + 15.0 + 10.0 + 6.8 = 36.0
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −23.4 pts · vs its theme (30 days): −10.3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.8/15Liquidity & risk
Typical daily trading: $513.2K · price swings: 44.3% a year
100% evidence
18. Anoma · XAN
35.6/100 · Thinly traded · 50% evidence
Exact sum: 6.8 + 15.0 + 10.0 + 3.8 = 35.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −43.4 pts · vs its theme (30 days): −7.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
3.8/15Liquidity & risk
Typical daily trading: $1.6M · price swings: 145.4% a year
100% evidence
19. Humanity · H
35.5/100 · Thinly traded · 50% evidence
Exact sum: 4.7 + 15.0 + 10.0 + 5.8 = 35.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −41.6 pts · vs its theme (30 days): −0.8 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.8/15Liquidity & risk
Typical daily trading: $1.8M · price swings: 60% a year
100% evidence
20. ZEROBASE · ZBT
35.3/100 · Thinly traded · 48% evidence
Exact sum: 7.6 + 12.5 + 10.0 + 5.2 = 35.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +6.8 pts · vs its theme (30 days): +0.7 pts · below its 200-day average
100% evidence
7.0/30Usage growth
Fees -51.2% · revenue -51.3% · users —
53% evidence
0.9/20Value capture
Fee yield 0.1% · revenue yield 0.09%
100% evidence
9.9/15Liquidity & risk
Typical daily trading: $7.1M · price swings: 75.8% a year
100% evidence
22. Pirate Chain · ARRR
33.3/100 · Thinly traded · 50% evidence
Exact sum: 5.9 + 15.0 + 10.0 + 2.4 = 33.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −30.3 pts · vs its theme (30 days): −15.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
2.4/15Liquidity & risk
Typical daily trading: $76.5K · price swings: 132.9% a year
100% evidence
23. Zano · ZANO
30.6/100 · Thinly traded · 50% evidence
Exact sum: 1.3 + 15.0 + 10.0 + 4.3 = 30.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −80.4 pts · vs its theme (30 days): −14.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.3/15Liquidity & risk
Typical daily trading: $1.0M · price swings: 102.9% a year
100% evidence
Showing 5 of 23 ranked assets
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Tornado Cash leads Privacy crypto on Trailing 12-month fees at $5.4M, 25% ahead of Railgun. 2 of 4 assets with comparable change data are growing. Coverage is 3 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderTornado Cash · $5.4M
Gap25% versus #2
Persistence2 assets have positive comparable growth
Coverage3 of 23 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month feestop 3
1Tornado Cash TORN$5.4M
2Railgun RAIL$4.3M
3Tezos XTZ$291.8K
Fee growthtop 4
1Tornado Cash TORN+14%
2Litecoin LTC+5.5%
3Railgun RAIL-16%
4Tezos XTZ-51%
Network fees · asset comparison
3 of 23 coins report it · 4 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
Monero XMR
—
—
Zcash ZEC
—
—
Railgun RAIL
$1.0M
-16%
Dash DASH
—
—
Midnight NIGHT
—
—
Litecoin LTC
$37.6K
+5.5%
Zama ZAMA
—
—
Ergo ERG
—
—
ALEO ALEO
—
—
Horizen ZEN
—
—
MimbleWimbleCoin MWC
—
—
Mina Protocol MINA
—
—
Tornado Cash TORN
$1.5M
+14%
Nockchain NOCK
—
—
Verge XVG
—
—
Oasis ROSE
—
—
Decred DCR
—
—
Anoma XAN
—
—
Humanity H
—
—
ZEROBASE ZBT
—
—
Tezos XTZ
$15.8K
-51%
Pirate Chain ARRR
—
—
Zano ZANO
—
—
Showing 20 of 23 assets
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
Railgun leads Privacy crypto on Trailing 12-month revenue at $4.3M, 1507% ahead of Tezos. None of the 2 assets with comparable change data is growing. Coverage is 3 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderRailgun · $4.3M
Gap1507% versus #2
Persistence0 assets have positive comparable growth
Coverage3 of 23 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month revenuetop 3
1Railgun RAIL$4.3M
2Tezos XTZ$266.3K
3Tornado Cash TORN$66.2K
Revenue growthtop 2
1Railgun RAIL-16%
2Tezos XTZ-51%
Protocol revenue · asset comparison
3 of 23 coins report it · 2 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
Monero XMR
—
—
Zcash ZEC
—
—
Railgun RAIL
$1.0M
-16%
Dash DASH
—
—
Midnight NIGHT
—
—
Litecoin LTC
—
—
Zama ZAMA
—
—
Ergo ERG
—
—
ALEO ALEO
—
—
Horizen ZEN
—
—
MimbleWimbleCoin MWC
—
—
Mina Protocol MINA
—
—
Tornado Cash TORN
$66.2K
—
Nockchain NOCK
—
—
Verge XVG
—
—
Oasis ROSE
—
—
Decred DCR
—
—
Anoma XAN
—
—
Humanity H
—
—
ZEROBASE ZBT
—
—
Tezos XTZ
$11.5K
-51%
Pirate Chain ARRR
—
—
Zano ZANO
—
—
Showing 20 of 23 assets
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Tornado Cash leads Privacy crypto on Quarter-end TVL at $764.3M, 552% ahead of Railgun. 1 of 3 assets with comparable change data is growing, fastest at Railgun. Coverage is 4 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderTornado Cash · $764.3M
Gap552% versus #2
Persistence1 asset has positive comparable growth
Coverage4 of 23 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.
Quarter-end TVLtop 4
1Tornado Cash TORN$764.3M
2Railgun RAIL$117.3M
3Zama ZAMA$89.4M
4ZEROBASE ZBT$62.5M
TVL growthtop 3
1Railgun RAIL+9.9%
2Tornado Cash TORN-0.5%
3ZEROBASE ZBT-87%
Total value locked · asset comparison
4 of 23 coins report it · 3 with a comparable change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
Monero XMR
—
—
Zcash ZEC
—
—
Railgun RAIL
$117.3M
+9.9%
Dash DASH
—
—
Midnight NIGHT
—
—
Litecoin LTC
—
—
Zama ZAMA
$89.4M
—
Ergo ERG
—
—
ALEO ALEO
—
—
Horizen ZEN
—
—
MimbleWimbleCoin MWC
—
—
Mina Protocol MINA
—
—
Tornado Cash TORN
$764.3M
-0.5%
Nockchain NOCK
—
—
Verge XVG
—
—
Oasis ROSE
—
—
Decred DCR
—
—
Anoma XAN
—
—
Humanity H
—
—
ZEROBASE ZBT
$62.5M
-87%
Tezos XTZ
—
—
Pirate Chain ARRR
—
—
Zano ZANO
—
—
Showing 20 of 23 assets
04 · let price answer last
Which assets lead on price and relative strength?
Zcash leads the Privacy tape on Bitcoin-relative strength at +152% over 90 days. 9 of 23 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-10-30.
Complete set · no silent drops
Which assets are in Privacy?
23 of the 26 coins assigned to Privacy are rated and ranked below, and the other 3 are listed under it with the reason each one is not rated: price-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.
3 of the 26 Privacy coins are not rated this week: 3 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Methodology · boundaries make the answer useful
What can make this comparison misleading?
This Privacy comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven: 3 of 23 assets carry enough native evidence to rank on more than price.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.
Price and technicalsThrough 2026-10-30. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-10-30. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions: not published for these coins; chain TVL: not published for these coins.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 20 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is Privacy crypto?
Privacy crypto coins are the coins CoinGecko tags as Privacy, Privacy Blockchain, Privacy Infrastructure or Privacy Coins. Each coin sits in one theme only: the first, most specific one its tags match. We track 26 Privacy coins, 23 of them rated below.
What is the total market cap of Privacy crypto coins?
The 22 Privacy coins on this page with a current market cap were worth about $38.8 billion together, by CoinGecko's reading of 5 November 2026. 1 more have only an older reading, so they are not counted. Individual figures are in the table.
Are Privacy crypto coins outperforming Bitcoin?
Privacy has returned +24% versus Bitcoin over 52 weeks and +15.4% over 13 weeks on an equal-weight current-member index. 9/23 covered assets are above their 200-day averages as of 2026-10-30.
Which Privacy asset has the strongest research score?
Monero ranks first at 72.7/100: 33.5 + 15.0 + 10.0 + 14.2 = 72.7. It is labelled “Price-led, little network data” with 50% overall evidence and 0% native-economics evidence.
Why are some Privacy coins not rated?
3 of the 26 coins are not rated this week: 3 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.
How is the Privacy 4-factor score calculated?
The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.
Why can a Privacy asset be labelled price-led?
Price-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.
Does protocol revenue accrue to the token?
Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.
Does crypto have a P/E or PEG ratio?
No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.
How much history is shown for Privacy?
The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.
Why do the crypto data dates differ?
Prices and technical metrics run through 2026-10-30; protocol activity through 2026-10-30; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-11-05.
Are stablecoins and wrapped tokens included in Privacy?
No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.
Can one token appear in multiple raw crypto categories?
Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Privacy therefore has one canonical membership list.
What would invalidate the current Privacy theme read?
The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity contracts. As of 2026-10-30, none of the three conditions are in place.
Does this page include funding rates, open interest or token unlocks?
No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.
Which projects are generating the most network fees?
Tornado Cash leads Privacy crypto on Trailing 12-month fees at $5.4M, 25% ahead of Railgun. 2 of 4 assets with comparable change data are growing. Coverage is 3 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Which projects convert activity into protocol revenue?
Railgun leads Privacy crypto on Trailing 12-month revenue at $4.3M, 1507% ahead of Tezos. None of the 2 assets with comparable change data is growing. Coverage is 3 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Where is capital actually committed on-chain?
Tornado Cash leads Privacy crypto on Quarter-end TVL at $764.3M, 552% ahead of Railgun. 1 of 3 assets with comparable change data is growing, fastest at Railgun. Coverage is 4 of the 23 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Which Privacy project has the largest fee base?
Tornado Cash leads covered trailing-12-month fees at $5.4M. Coverage is 3/23; this is network activity, not automatically token-holder income.
Which are the biggest Privacy crypto coins by market cap?
Zcash is the largest Privacy crypto coin by market capitalisation at $19.6B, ahead of Monero at $12B and Litecoin at $4.4B. The 23 Privacy coins on this page carry $38.8B between them, with a market-cap figure on file for 22 of them. Market-cap metadata is dated 2026-11-05.