# Tornado Cash (TORN) — crypto price, market cap and strength versus Bitcoin

> Tornado Cash trades at $5.58 with a market capitalisation of $21M (rank 816). Over 90 days it is -8.7% against Bitcoin and sits below its 200-day average. Privacy as a theme is +15.3% against Bitcoin over 13 weeks. Price readings run through 2026-07-31.

## Agent research brief

- What this coin is: Tornado Cash (TORN), a Privacy token of $21M at market-cap rank 816. On-chain activity is sourced from protocol.
- What the tape says: -8.7% versus Bitcoin over 90 days; below its 200-day average. Privacy as a theme is +15.3% against Bitcoin over 13 weeks.
- What the evidence supports: 49.8/100 inside Privacy on 65% evidence (30% of it native activity). Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
- What is missing: There is no valuation band for any coin on this site: historical market capitalisation is not held, so no PE-style range can be built. Tornado Cash does publish network fees, protocol revenue, total value locked.

Theme: Privacy (/mla/crypto/sector/privacy). Price 2026-07-31; market-cap snapshot 2026-07-04.

## Price, returns and risk

Tornado Cash is -57.2% over one year, -27% over 90 days and +10.4% over 30 days. Annualised 30-day volatility is 65%. Its deepest fall from a high inside the last 90 days is 40%. It trades below its 200-day average, which is falling.

- Price: $5.58
- Market cap: $21.0M (rank 816)
- Returns: 7d +1.5%; 30d +10%; 90d -27%; 180d -33%; 1y -57%
- RS versus Bitcoin, 90d: -8.7%
- 30-day volatility: 65% annualised; deepest 90-day fall 40%
- 200-day average: $7.43, trading below it

## Protocol economics

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 $5.5M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q2 2026 quarter.

- Network fees: trailing four quarters $5.5M; change —; covered 7/20 quarters
- Protocol revenue: trailing four quarters —; change —; covered 3/20 quarters
- Total value locked: latest quarter $428.5M; change -7.2%; covered 20/20 quarters

## Research score

Tornado Cash: 49.8/100 — Illiquid · research only; 14.9 + 15.2 + 15.0 + 4.7 = 49.8; evidence 65%; native evidence 30%; rank 10 of 24 rated Privacy coins
Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
This weakens if: The read weakens if 90-day RS versus BTC falls below zero with two weekly closes below the 200-DMA, or native activity contracts for two complete calendar quarters.

No valuation band exists for any coin on this site: historical market capitalisation is not held, so no company-style valuation range can be built.

## Privacy scorecard

Tornado Cash is one of 27 Privacy coins here, 24 of which carry enough evidence to be rated and ranked. Tornado Cash ranks 10 of those 24 on 65% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.

- 1. Zcash (ZEC): score 68.7; evidence 50%; Tape-led · on-chain proof incomplete
- 2. Zama (ZAMA): score 67.8; evidence 43%; Tape-led · on-chain proof incomplete
- 3. Anoma (XAN): score 62.6; evidence 50%; Illiquid · research only
- 4. Monero (XMR): score 62.1; evidence 50%; Tape-led · on-chain proof incomplete
- 5. MimbleWimbleCoin (MWC): score 58.6; evidence 50%; Illiquid · research only
- 6. Litecoin (LTC): score 53.5; evidence 55%; Tape-led · on-chain proof incomplete
- 7. ZEROBASE (ZBT): score 52.7; evidence 17%; Illiquid · research only
- 8. Dash (DASH): score 52; evidence 55%; Tape-led · on-chain proof incomplete
- 9. Zano (ZANO): score 51.6; evidence 50%; Illiquid · research only
- 10. Tornado Cash (TORN) [this coin]: score 49.8; evidence 65%; Illiquid · research only
- 11. Pirate Chain (ARRR): score 47.2; evidence 50%; Illiquid · research only
- 12. Decred (DCR): score 46.6; evidence 50%; Illiquid · research only
- 13. Mina Protocol (MINA): score 44.6; evidence 50%; Illiquid · research only
- 14. Railgun (RAIL): score 43.5; evidence 91%; Illiquid · research only
- 15. Horizen (ZEN): score 40.9; evidence 55%; Tape-led · on-chain proof incomplete
- 16. Arcium (ARX): score 40.2; evidence 50%; Illiquid · research only
- 17. Ergo (ERG): score 38; evidence 55%; Illiquid · research only
- 18. Verge (XVG): score 36.6; evidence 50%; Illiquid · research only
- 19. Nockchain (NOCK): score 36.1; evidence 50%; Illiquid · research only
- 20. Tezos (XTZ): score 35.9; evidence 91%; Lagging · market gate closed
- 21. Humanity (H): score 35.1; evidence 50%; Tape-led · on-chain proof incomplete
- 22. Oasis (ROSE): score 33.2; evidence 55%; Illiquid · research only
- 23. ALEO (ALEO): score 33; evidence 50%; Illiquid · research only
- 24. Midnight (NIGHT): score 32.1; evidence 50%; Illiquid · research only

## Limitations

- 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.

## FAQs

### What is Tornado Cash (TORN)?

Tornado Cash is a Privacy cryptocurrency tracked here by price, market capitalisation and strength against Bitcoin, with on-chain activity from protocol. It is one of 27 Privacy coins on this site. Readings are as of 2026-07-31.

### What is the market cap of Tornado Cash?

Tornado Cash's market capitalisation is $21M, ranking it 816 in the top-1,000 crypto universe. That figure is a dated snapshot from 2026-07-04, refreshed separately from the daily price series, so it can lag the price shown above.

### Is Tornado Cash beating Bitcoin?

Tornado Cash is -8.7% against Bitcoin over 90 days, and its own theme, Privacy, is +15.3% over 13 weeks. It trades below its 200-day average as of 2026-07-31.

### 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?

49.8/100 within Privacy, ranked 10 of 24 rated Privacy coins, on 65% evidence: 14.9 + 15.2 + 15.0 + 4.7 = 49.8. It is labelled “Illiquid · research only”. 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.

### Does Tornado Cash generate network fees?

Tornado Cash's trailing twelve-month network fees is $5.5M. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.