Zcash hits 8-year high, flips Monero to become top privacy coin at $6.2B
Cointelegraph
Zcash surged to an eight-year high, surpassing Monero to become the most valuable privacy coin with a $6.2 billion market cap.Summary
Zcash (ZEC) defied the broader crypto market downturn by rallying 45% this week, reaching an over eight-year high of $388 and achieving a $6.2 billion market capitalization. This surge allowed ZEC to overtake Monero (XMR) as the most valuable privacy-focused cryptocurrency. Privacy coins like Zcash and Monero obscure transaction details, offering greater anonymity than pseudonymous assets like Bitcoin. The rally followed a bullish prediction by BitMEX co-founder Arthur Hayes, who forecasted a $10,000 price target for ZEC. Despite the price increase and a 63% rise in token holders, large holders (whales) have been net sellers, offloading $702,000 in ZEC tokens over the past week.
(Source：Cointelegraph)