Among the main privateness cash are defying the gravity of the digital asset market, signaling rising investor demand for privacy-focused cryptocurrencies.
Zcash (ZEC) surged to an over eight-year excessive of $388 on Friday after rising 7.6% within the final 24 hours, in accordance to information aggregator CoinMarketCap. With a $6.2 billion market capitalization on the time of writing, ZEC flipped Monero (XMR) to change into probably the most useful privacy-focused cryptocurrency.
ZEC’s 45% weekly rise bucked the broader crypto market downturn, which continued its consolidation after a much-awaited tariff deal between the US and China did not materialize on Thursday.
The rally steered renewed investor urge for food for privacy-focused cash, that are designed to hide person transaction particulars.
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Privateness cash equivalent to Zcash and Monero obscure sender, receiver and transaction particulars, providing higher anonymity than pseudonymous cryptocurrencies like Bitcoin (BTC). Whereas Bitcoin transactions are traceable onchain, privateness tokens are designed to masks pockets addresses and transaction histories.
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Arthur Hayes’s $10,000 ZEC prediction
The rise to the eight-year excessive got here days after BitMEX co-founder Arthur Hayes predicted a ZEC token rally to $10,000, additional bolstering buzz across the token.
Zcash rallied from $272 to a peak of $355 within the hours after Hayes’s bullish prediction on Sunday, Cointelegraph reported.
Whereas demand for the token is steadily rising, whales — giant holders of cryptocurrency — have been offloading the Zcash token.
ZEC tokenholders rose by 63% to 1,968 over the previous week, however whale wallets have bought a internet whole of $702,000 in ZEC tokens, in accordance with crypto intelligence platform Nansen.
“Loopy to see how $ZEC has pulled a 10x in simply two months, fully decoupling from the market and ignoring total sentiment,” in accordance with Simon Dedic, founder and managing associate at Moonrock Capital.
“I need to emphasize that this isn’t some shitcoin, it’s a multibillion-dollar asset. That makes this sort of efficiency much more exceptional,” he wrote in a Friday X submit.
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