ZEC (Zcash) 24-hour pump 6.09%

Gate News Bot message, on November 17, according to CoinMarketCap data, as of the time of writing, ZEC (Zcash) is currently priced at $701.57, with a 6.09% rise in the last 24 hours, reaching a high of $735.77 and a low of $426.83, with a 24-hour volume of $4.057 billion. The current market capitalization is approximately $11.446 billion, an increase of $0.657 billion compared to yesterday.

Important recent news about ZEC:

1️⃣ Institutional investors actively position themselves, driving the price rise The US-listed company Leap Therapeutics has been renamed as Cypherpunk Technologies Inc, transforming into a ZEC cryptocurrency treasury company. The company purchased 203,775.27 ZEC at an average price of $245, with a total investment of about $50 million, while also completing a $58.88 million private placement. The large-scale entry of institutional investors provides strong support for ZEC, reflecting optimism about its long-term value.

2️⃣ Increase in adoption of privacy features, improvement in network fundamentals The proportion of ZCash's shielded pool of total supply has risen from 18% in October to 23%, indicating a continuous rise in the adoption of the network's privacy features. With the widespread application of privacy characteristics, ZEC's core value proposition is strengthened, which is beneficial for attracting more users and investors.

3️⃣ Market sentiment diverges, the battle between bulls and bears intensifies A large investor holds a significant long position in ZEC on the Hyperliquid platform, with unrealized profits being substantial. Meanwhile, another address holds a large short position in ZEC, currently experiencing an unrealized loss. This confrontation of long and short positions has intensified the market's volatility, reflecting the divergence in investors' expectations for ZEC's future.

From a technical perspective, the ZEC price has stabilized after significant fluctuations earlier, but it may still face short-term adjustment pressure. However, fundamentally, Zcash's position in the privacy coin sector has further strengthened, with institutional investment and ecological expansion laying the groundwork for its long-term development. Investors should closely monitor the movements of large holding addresses, the progress of cross-chain applications, and changes in the adoption rate of privacy features.

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