Tornado Cash (TORN): price, market cap and how it did against Bitcoin
Bottom line
Tornado Cash (TORN) closed at $6.43 on 4 November 2026, with a market capitalisation of $28.2M (rank 686) on 5 November 2026. On 30 October 2026 it was below its 200-day average of $6.34, which is falling. Over 90 days it is 12.1 percentage points behind Bitcoin. Privacy as a theme is +15.4% against Bitcoin over 13 weeks.
Price
$6.43
as of 2026-11-04
Market cap
$28.2M
snapshot 2026-11-05
vs Bitcoin · 90d
−12.1 pts
as of 2026-10-30
30-day median volume
$87.6K
as of 2026-10-30
What it is · from the data we hold
What is Tornado Cash (TORN)?
Tornado Cash (TORN) is a crypto token that CoinGecko lists under decentralized finance (DeFi), privacy infrastructure and privacy. DefiLlama lists Tornado Cash as a privacy protocol. Its highest daily close since 12 November 2021 was $58.54 on 3 March 2022; its lowest was $1.34 on 8 December 2023.
01 · the tape, against its benchmark
How has Tornado Cash moved against Bitcoin?
Tornado Cash is -51.1% over one year, +11.2% over 90 days and -13.7% over 30 days. Annualised 30-day volatility is 56%. Its deepest fall from a high inside the last 90 days is 19%. It trades below its 200-day average, which is falling.
TORN · rebasedBitcoinPrivacy · equal weight
All three lines rebased to 100 at the first week each has data. Bitcoin is the opportunity-cost benchmark for crypto risk; the theme line is its equal-weight index of current rated members.
02 · returns, volatility and drawdown
What do Tornado Cash's returns and risk look like?
7 days-12%
30 days-14%
90 days+11%
180 days-18%
1 year-51%
30-day volatility56% annualised
Deepest 90-day fall19%
200-day average$6.34 · below · falling
50-day average$6.72
03 · what the protocol actually earns
Does Tornado Cash generate fees or revenue?
Tornado Cash publishes 3 of the six network-economics series this site tracks: network fees, protocol revenue, total value locked. Network fees over the last four complete quarters is $5.4M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q3 2026 quarter.
Fees, last 30 days$508.4K
Revenue, last 30 days$317.2K
Fees, last 90 days$1.5M
Revenue, last 90 days$383.4K
Paid to token holders, last 30 days$317.2K
Paid to token holders, last 90 days$989.4K
Source: DefiLlama, daily figures summed to 2026-10-30. Fees are what users paid; revenue is the part the protocol keeps. Paid to token holders is the share of revenue DefiLlama counts as going to holders, through buybacks, burns or staking payouts.
Network fees8 of 20 quarters
Last four quarters$5.4M+14%
Protocol revenue4 of 20 quarters
Last four quarters$66.2K—
Total value locked20 of 20 quarters
Latest quarter$764.3M-0.5%
Network fees
Protocol revenue
Total value locked
Complete calendar quarters only. A blank quarter is unavailable, not zero. Network activity is evidence about the protocol, not earnings owed to the token.
04 · exact additive research priority
What does the evidence say about Tornado Cash?
Tornado Cash scores 49.4 out of 100 inside Privacy, ranked 13 of 23 rated coins on 81% evidence. The four displayed point contributions add exactly to the total; missing evidence pulls only the affected factor toward neutral and lowers its stated coverage. It ranks research attention within one theme, never portfolio action, and it is not comparable across themes.
What it means: The readings disagree, so the score says little either way.
10.6/35Price leadership
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
This weakens if: The read weakens if 90-day strength against Bitcoin falls below zero with two weekly closes below the 200-day average, or native activity contracts for two complete calendar quarters.
No valuation section exists on this page, for any coin. There is no company-style P/E or PEG for a token, and historical market capitalisation is not held at all, only a dated current snapshot, so no ten-year valuation band can be built honestly. Where a protocol publishes fees or revenue, the yield against that dated snapshot is shown above instead.
05 · the theme it competes in
How does Tornado Cash compare with other Privacy coins?
Tornado Cash is one of 26 Privacy coins here, 23 of which carry enough evidence to be rated and ranked. Tornado Cash ranks 13 of those 23 on 81% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.
The Privacy scorecard in its own order, with this coin marked. Scores are within-theme and are not comparable with coins in another theme. See the full Privacy page.
Which crypto lists is Tornado Cash on?
Tornado Cash is on one of our crypto lists: Altcoins (DeFi coins). Every coin we track is in the full ranking on Cryptocurrencies by market cap. List membership comes from CoinGecko's categories and market-cap rank, never from a hand-picked list.
Next to it by size · every coin with a page
Which coins are closest to Tornado Cash in market cap?
Tornado Cash is number 386 by market cap among the 604 coins with a page on this site. The 4 just larger and the 4 just smaller are listed here, each with its theme, so the comparison crosses themes. Market cap is the snapshot dated 2026-11-05.
This page names 5 ways its own evidence about Tornado Cash 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. Price runs through 2026-11-04; market capitalisation is a separate snapshot dated 2026-11-05.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
No valuation band exists for any coin: historical market capitalisation is not held at all.
Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.
Price and technicalsPrice through 2026-11-04; moving averages and returns through 2026-10-30, from exchange closes; moving averages are computed, never scraped.
Protocol activityThrough 2026-10-30, for the series this token publishes.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Decision useResearch priority within one theme. Not entry, exit, sizing or leverage instructions.
Questions the page should answer directly
Crypto analysis FAQs
These 9 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 Tornado Cash (TORN)?
Tornado Cash (TORN) is a crypto token that CoinGecko lists under decentralized finance (DeFi), privacy infrastructure and privacy. DefiLlama lists Tornado Cash as a privacy protocol. Its highest daily close since 12 November 2021 was $58.54 on 3 March 2022; its lowest was $1.34 on 8 December 2023.
What is the market cap of Tornado Cash?
Tornado Cash's market capitalisation is $28.2M, ranking it 686 in the top-1,000 crypto universe, read on 5 November 2026. It is refreshed separately from the daily price.
Is Tornado Cash beating Bitcoin?
Over 90 days Tornado Cash is 12.1 percentage points behind Bitcoin: its own return minus Bitcoin's. Its theme, Privacy, is +15.4% against Bitcoin over 13 weeks. Tornado Cash trades below its 200-day average as of 4 November 2026.
What is Tornado Cash's highest price?
The highest daily close we hold for Tornado Cash is $58.54, on 3 March 2022, in records from 12 November 2021. The lowest is $1.34, on 8 December 2023. The close on 4 November 2026, $6.43, is 89% below that high.
Does Tornado Cash have a P/E ratio?
No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.
What is Tornado Cash's research score?
49.4/100 within Privacy, ranked 13 of 23 rated Privacy coins, on 81% evidence: 10.6 + 17.6 + 15.0 + 6.2 = 49.4. It is labelled “Thinly traded”. The score ranks research attention inside one theme, never portfolio action.
How much Tornado Cash history does this page show?
Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics Tornado Cash actually publishes. Here that is network fees, protocol revenue, total value locked.
How much did Tornado Cash earn in the last 30 days?
In the 30 days to 30 October 2026, DefiLlama shows $508.4K of fees and $317.2K of protocol revenue for Tornado Cash. Over 90 days: $1.5M of fees and $383.4K of revenue. Fees are what users paid; revenue is the part the protocol keeps.
Does Tornado Cash generate network fees?
Tornado Cash's trailing twelve-month network fees is $5.4M, up 14% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.