Particl (PART) was among the cryptocurrency market’s top gainers Tuesday, as trade volumes spiked following a chaotic selloff. PART is a lesser known privacy coin that is gaining popularity among investors seeking anonymity in their digital transactions.
PART Price Levels
The Particl token was up nearly 46% overnight to $19.06., having briefly traded above $20 earlier in the session. The coin rose on Tuesday for only the second time in six days.
Trade volumes tripled on Tuesday to reach $1.6 billion, according to data provider CoinMarketCap. With the gain, Particl is now capitalized at $168.6 million, placing it 89th among active cryptocurrencies.
Since peaking above $50 last month, PART has declined more than 62% as part of a broader market downtrend. The global cryptocurrency market bottomed at around $276 billion on Tuesday, the lowest since November.
The coin is mainly traded on Bittrex and Upbit with bitcoin as the quote currency. Volumes on Bittrex exceeded $1 billion on Tuesday.
The Rise of the Privacy Coins
In a world where privacy is no longer guaranteed, cryptocurrencies are embedded with key encryption features that produce higher levels of security and anonymity. When it comes to transactions, privacy essentially means the amount of funds you own, send and receive are not traceable and cannot be linked back to your account.
Particl joins a growing list of privacy coins that are sticking to the ideological roots of cryptocurrency by offering greater anonymity in day-to-day transactions. Although far less prominent than Zcash, Monero and Dash, Particl offers many of the same benefits, all built using the proof-of-stake network consensus. Unlike the other privacy coins, the Particl platform is also embedded with encrypted messaging and atomic swaps.
The Particl token went live last July after generating $750,000 via crowdsale, a rather modest total when compared with other similar projects. The funds went to support project development over the next ten months leading to the launch of Particl Core wallet.
Although privacy coins are gaining in popularity, they have also been criticized for helping criminals launder money. There are already signs that elements of the criminal underworld are making greater use of privacy coins, with Monero, Ethereum and Zcash attracting the most attention. Although this trend is prevalent, it is no longer the prevailing narrative against cryptocurrencies now that mainstream adoption is underway.