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<a href="https://investment-policy.com/hype-usd/">HYPE</a> briefly overtakes <a href="https://pricpr.com/doge-usd/">Dogecoin</a>, privacy tokens slide as US strikes on Iran rattle marketsMarkets

What to know:

Privacy tokens led crypto declines, with Zcash falling 5.2% and Monero 4%, though both remain among the market’s stronger recent performers.
Traders framed the pullback in Zcash as profit-taking after a sharp rally driven by institutional interest and a renewed narrative around privacy tokens.
Broader crypto markets were mostly rangebound as geopolitical tensions in the Middle East lifted oil prices and the dollar, while U.S. equities futures edged higher.

Privacy tokens gave back the loudest share of the gains crypto markets had been holding onto.

Over the last 24 hours, Zcash (ZEC) experienced a 5.2% price decrease, falling to $619. This was the largest drop among the top 20 cryptocurrencies by market capitalization, though it remains up 8.2% over the past week, according to CoinDesk. Monero (XMR) also saw a decline, falling 4% to $378.

Both cryptocurrencies have performed very well recently. Zcash (ZEC) has especially gained attention from larger investors after Multicoin Capital announced they had purchased some, and as more people focus on the benefits of privacy-focused tokens.

After a significant increase, a 5% decrease seems like investors are simply taking profits, rather than a sign of new selling. This is because those who typically buy and hold privacy tokens have been consistently buying during the recent price increase, not selling.

Hyperliquid’s HYPE token briefly surpassed Dogecoin in market value during trading in Asia, but has since seen a slight decline, currently trading at $59, down 4%, and $0.1009, down 0.8%. Despite this pullback, HYPE has still risen 23.6% over the last week, boosted by the recent launch of a pre-IPO perpetual contract for SpaceX on the Hyperliquid platform.

Tron (TRX) was the only cryptocurrency in the top 10 to increase in value, rising 2.6% to $0.3739 and 4.8% over the last week. Bitcoin stayed around $76,500, Ether remained at $2,087, and Solana traded at $83.97, with none of these experiencing significant price changes.

Overall economic conditions led to a careful approach. The U.S. military reported hitting missile sites in Iran and intercepting boats trying to lay mines in the Strait of Hormuz, stating these were self-defense measures.

Oil prices rebounded, with Brent crude increasing by nearly 2% to $98 a barrel after a significant drop the previous Monday. This bounce came after markets in London and New York were closed for a holiday. Meanwhile, the dollar gained strength against the currencies of the ten largest economies, gold prices decreased slightly by 0.6% to $1,945, and futures for the S&P 500 showed a 0.6% increase following the US market holiday on Monday.

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