ZEC (Zcash) 24-hour pump 36.56%

Gate News Bot news, October 9, according to CoinMarketCap data, as of the time of writing, ZEC (Zcash) is currently priced at $176.75, with a rise of 36.56% in the last 24 hours, reaching a high of $184.86 and a low of $124.00. The current market capitalization is approximately $2.873 billion, an increase of $769 million from yesterday.

Zcash is a privacy-preserving digital currency that uses end-to-end encryption technology to protect users' privacy rights. It is the first cryptocurrency to develop zero-knowledge encryption technology for private peer-to-peer payments. Zcash features fairness and openness, privacy protection, and user autonomy, with transaction speeds faster than Bitcoin and fees usually only a few cents.

Important recent news about ZEC:

1️⃣ Grayscale Opens Zcash Trust Private Placement Grayscale Investments has announced that its Grayscale Zcash Trust is now open for private placement to qualified accredited investors. This move significantly increases institutional investors' attention towards Zcash, bringing new investment demand for ZEC.

2️⃣ Potential rise in demand for privacy coins As global anti-money laundering regulations tighten, some investors are beginning to bet that illegal and gray area funds may shift from Bitcoin and stablecoins to privacy coins. As one of the major privacy coins, Zcash may become a beneficiary of this influx of funds.

3️⃣ Market Sentiment Fluctuation The price of ZEC experienced significant fluctuations over the past week. On October 8, ZEC saw a decline of 16.51%, but then quickly rebounded, achieving a rise of 36.56% on October 9. This drastic price movement reflects the market's divergence and uncertainty regarding the future of privacy coins.

From a technical perspective, ZEC has broken through recent resistance levels, but considering the significant rise in the short term, it may face correction pressure. On the fundamental side, the Zcash team continues to improve its privacy technology, but the uncertainty of the regulatory environment remains a key risk factor.

This message is not intended as investment advice; investors should be aware of market volatility risks.