Privacy Coin Zcash Surges to Near 8-Year High

Zcash, a privacy-focused cryptocurrency, has surged 33% recently, reaching nearly $735. This dramatic increase triggered over $51 million in liquidations of short positions, ranking it third in crypto liquidations behind Bitcoin and Ethereum. Zcash's price has skyrocketed tenfold over five weeks, largely due to growing concerns about the privacy and decentralization of Bitcoin. This rise was further bolstered by the conviction of a developer of a Bitcoin privacy app, which highlighted the risks associated with privacy in the crypto space. Despite its success, Zcash remains 79% below its all-time high of $3,191 from 2016, but its market cap is currently around $11 billion, making it the largest privacy coin. Analysts suggest that the wider acceptance and anxieties surrounding traditional cryptocurrencies are fueling Zcash's appeal as an alternative for users seeking anonymity in transactions.

Source 🔗