Zcash Jumps 20.85% in 24 Hours as Market Value Tops $8.27 Billion
Summary
- Privacy coin Zcash (ZEC) rose 20.85%% over 24 hours, reaching $513.81 and a market capitalization of $8.267 billion.
- Easing security concerns and expectations for the Ironwood upgrade, along with a recovery in confidence after the response to the Orchard vulnerability, strengthened short-term buying in Zcash.
- Market participants said capital rotation into the privacy-coin sector and short-position liquidations combined to widen Zcash's gains.
Forecast Trend Report by Period
Privacy coin Zcash climbed more than 20% over the past 24 hours, driven by easing security concerns, optimism over an upgrade and the liquidation of short positions.
Odaily reported on June 15 that Zcash rose 20.85% in the past 24 hours. The token traded at $513.81, pushing its market capitalization to $8.267 billion.
Zcash is one of the best-known cryptocurrencies centered on anonymity and privacy. Confidence has improved after a security audit found no additional critical flaws following the response to the Orchard vulnerability, while expectations for the Ironwood upgrade also supported sentiment.
Bitcoin's rebound to around $66,000 added support by reviving some appetite for risk assets. Zcash had previously fallen sharply on vulnerability concerns, but it quickly recouped those losses after emergency measures were taken and the results of security checks were disclosed.
Traders cited a mix of factors behind the rally, including easing security concerns, upgrade expectations, capital rotation into privacy coins and short-position liquidations. Short-covering during the rapid advance also appears to have amplified the gain.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
