Zcash Jumps 20.85% in 24 Hours as Security Fears Ease, Market Value Tops $8.27 Billion
Summary
- Privacy coin Zcash (ZEC) jumped 20.85% over 24 hours, sending its price to $513.81 and lifting its market capitalization to $8.267 billion.
- Confidence is recovering as a security audit found no additional critical flaws after the response to the Orchard vulnerability, alongside rising expectations for the Ironwood upgrade.
- Market participants said easing security concerns, rotation into the privacy-coin sector and short-position liquidations combined to drive Zcash's sharp rally.
Forecast Trend Report by Period
Privacy coin Zcash (ZEC) surged more than 20% over the past 24 hours as security concerns eased. Expectations for an upgrade and short-position liquidations also fueled the buying.
Data from global crypto exchange Binance on June 15 showed Zcash climbed 20.85% in 24 hours. The token traded at $513.81, bringing its market capitalization to $8.267 billion.
Zcash is one of the best-known cryptocurrencies focused on anonymity and privacy. Confidence has begun to recover after a security audit found no additional critical flaws following the response to the Orchard vulnerability. Expectations for the Ironwood upgrade also helped support sentiment.
Bitcoin's rebound toward $66,000 added support by reviving some appetite for risk assets. Zcash had previously tumbled on vulnerability concerns, but quickly recouped much of the decline after emergency measures were taken and the results of security checks were released.
Market participants attributed the sharp gain to a combination of easing security concerns, upgrade expectations, rotation into privacy coins and short-position liquidations. Short covering during the rapid advance also appears to have magnified the rally.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.