Privacy coin Zcash has gained up to 40%, reclaiming the $200 resistance level in the last 24 hours to trade at a new high of $230.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
2 mins read
Beyond the broader cryptocurrency market rebound, privacy coins like Monero XMR $337.2 24h volatility: 1.3% Market cap: $6.23 B Vol. 24h: $254.55 M and Zcash ZEC $236.1 24h volatility: 22.8% Market cap: $3.84 B Vol. 24h: $1.46 B are getting so much attention. In light of this uptick, ZEC has spiked by almost 40% to reclaim its $200 level after almost three years of struggling below this level.
According to CoinMarketCap, Zcash is currently trading at $230.05, corresponding with a 20.47% increase within the last 24 hours. This price surge has been ongoing for a few days and has been further extended to Oct. 10. This reflects traders’ shift into privacy-focused tokens even as the market keeps recording a general rally.
In addition, its 24-hour trading volume is equally 68.24% higher within the same time. Precisely, ZEC trading volume is now pegged at $1.44 billion. As a result of this uptrend, this coin has successfully outpaced a number of top digital assets, including Bitcoin BTC $120 898 24h volatility: 0.4% Market cap: $2.42 T Vol. 24h: $64.57 B , Ethereum ETH $4 307 24h volatility: 1.2% Market cap: $522.46 B Vol. 24h: $30.08 B , and even its related privacy-centric coin Monero.
Some supporters have offered a mix of narratives to explain the upswing, with a few pointing to renewed debates over financial surveillance in Europe. Others pointed to fresh attention on Zcash’s mobile wallet integrations, as well as rising volumes across the sector, as catalysts.
MIT researcher and Zcash co-founder, Madars Virza, attempted to explain the reason behind the performance of the coin. He highlighted Zcash’s shielded pool, which protects anonymity and against quantum threats. This is particularly important at this time, when there are so many conversations surrounding the quantum computing threat to cryptography.
Not too long ago, top analyst Charles Edwards mentioned that Bitcoin lovers would need to act faster to prevent quantum-resistant upgrades from cracking Bitcoin.
He took to X to inform these entities that quantum computing would be a major setback for Bitcoin’s $1 million price target. In his opinion, some large Bitcoin holders have downplayed the potential threat of the quantum-resistant upgrades.
They do not think that quantum computing is capable of impacting cryptocurrency, even in the next 10 years. Edwards opines that these entities are making such statements to enable short-term BTC price pumps.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
