Zcash records double-digit gains as privacy coins demand soars
Zcash (ZEC) has posted double-digit gains, primarily driven by renewed demand for privacy-focused coins, standing out in a downward cryptocurrency market. As of press time, ZEC was trading at $51.67, up over 10% in the past 24 hours. Over the past month, Zcash has surged more than 40%, pushing its market capitalization to around $860 million, edging closer to the $1 billion milestone. ZEC one-day price chart. Source: CoinMarketCap While most major cryptocurrencies remain under pressure, Zcash’s rally is partly fueled by increased usage of its privacy Features . A key metric supporting this momentum is the total shielded ZEC supply, which rose by 6,484 ZEC on June 1, bringing the total to 3,119,887 ZEC, worth approximately $161.6 million. That’s a $1.26 million increase in shielded transactions in just one day. Zcash total Shielded pool. Source: ZeroBits Shielded holdings are a core feature enabling private transactions on the Zcash network. It reflect...