Zcash reaches an 8-year high, surpassing Monero to become the leading privacy coin with a value of $6.2 billion
Zcash has defied the downturn in the cryptocurrency market with a 45% increase this week, becoming the most valuable privacy-focused cryptocurrency after Hayes made a price target prediction of $10,000.
Several top privacy coins are challenging the appeal of the digital asset market, signaling growing demand from investors for privacy-focused cryptocurrencies.
ZEC surged to a high of $388 on Friday, the highest in over eight years, after rising 7.6% in the last 24 hours, according to data aggregation company CoinMarketCap. With a market capitalization of $6.2 billion at the time of writing, ZEC has surpassed Monero to become the most valuable privacy-focused cryptocurrency.
The 45% increase in ZEC this week goes against the overall downturn trend in the cryptocurrency market, which continues to consolidate after the long-anticipated tariff deal between the U.S. and China did not materialize on Thursday.
The price surge indicates investor demand for privacy-focused coins, designed to obscure transaction details of users.
Privacy coins like Zcash and Monero hide information about the sender, receiver, and transaction, offering higher anonymity compared to anonymous cryptocurrencies like Bitcoin
