Zcash hits 8-year high, flips Monero to become top privacy coin at $6.2B

6 hours ago

Zcash has defied the crypto marketplace downturn with a 45% rally this week, making it the astir invaluable privacy-focused cryptocurrency pursuing Hayes’ telephone for a $10,000 terms target.

Zcash hits 8-year high, flips Monero to go apical privateness coin astatine $6.2B

Some of the starring privateness coins are defying the gravity of the integer plus market, signaling increasing capitalist request for privacy-focused cryptocurrencies.

Zcash (ZEC) surged to an implicit eight-year precocious of $388 connected Friday aft rising 7.6% successful the past 24 hours, according to information aggregator CoinMarketCap. With a $6.2 cardinal marketplace capitalization astatine the clip of writing, ZEC flipped Monero (XMR) to go the astir invaluable privacy-focused cryptocurrency.

ZEC’s 45% play emergence bucked the broader crypto marketplace downturn, which continued its consolidation aft a much-awaited tariff woody betwixt the US and China failed to materialize connected Thursday.

The rally suggests renewed capitalist appetite for privacy-focused coins, which are designed to conceal idiosyncratic transaction details.

Privacy coins specified arsenic Zcash and Monero obscure sender, receiver, and transaction details, offering greater anonymity than pseudonymous cryptocurrencies similar Bitcoin (BTC). While Bitcoin transactions are traceable onchain, privateness tokens are designed to disguise wallet addresses and transaction histories.

Arthur Hayes’s $10,000 ZEC prediction

The emergence to the eight-year precocious came days aft BitMEX co-founder Arthur Hayes predicted a ZEC token rally to $10,000, further bolstering buzz astir the token.

Zcash rallied from $272 to a highest of $355 successful the hours aft Hayes’s bullish prediction connected Sunday, Cointelegraph reported.

While request for the token is steadily increasing, whales — ample holders of cryptocurrency — person been offloading the Zcash token.

ZEC tokenholders roseate by 63% to 1,968 implicit the past week, but whale wallets person sold a nett full of $702,000 successful ZEC tokens, according to crypto quality level Nansen.

“Crazy to spot however $ZEC has pulled a 10x successful conscionable 2 months, wholly decoupling from the marketplace and ignoring wide sentiment,” according to Simon Dedic, laminitis and managing spouse astatine Moonrock Capital.

“I privation to stress that this isn’t immoderate shitcoin, it’s a multi-billion-dollar asset. That makes this benignant of show adjacent much remarkable,” helium wrote successful a Friday X post.