Bitcoin Investors Took More Profit as BTC Rallied to 3-Month High: CQ
Bitcoin Investors Take Profits as BTC Rallies to 3-Month High
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Zcash Outperforms Cardano With 65% Price Run-Up, Flips Market Position
TL;DR
Zcash (ZEC) has surged 65% in the past week, surpassing Cardano (ADA) in market capitalization, now valued at $9.824 billion. The rise follows Multicoin Capital's significant investment in Zcash, which is also preparing for quantum computing threats.
Key points
- Zcash price increased by 65% in the last week
- Zcash surpassed Cardano in market capitalization
- Zcash's market cap is $9.824 billion
- Multicoin Capital disclosed a significant investment in Zcash
- Zcash is preparing for quantum computing threats
Mentioned in this story
Multicoin Capital
Privacy token Zcash (ZEC) is up in the last 24 hours, taking its weekly gain to 65% according to CoinMarketCap data.
The recent rise has caused Zcash to surpass Cardano (ADA)'s market capitalization and it is currently the 11th largest cryptocurrency by market capitalization with a valuation of $9.824 billion, while Cardano sits in the 12th spot of largest cryptocurrencies with a market cap of $9.81 billion.
ZEC has risen over the past month following Multicoin Capital's disclosure of a "significant" position in the privacy coin. Prominent crypto fund Multicoin Capital disclosed it had been building a large Zcash position since February, saying that ZEC's shielded transactions could offer security against increased government efforts to audit and tax visible crypto holdings.
Zcash is set to roll out quantum-recoverable wallets in readiness against future quantum computing threats. The privacy coin aims to achieve full post-quantum status within 12 to 18 months, putting it ahead of major cryptocurrencies in quantum readiness.
ZEC is currently trading at $587, up 88% in the last 30 days and up 1278% on the year, but remains behind its November 2024 high near $750. This provides room for the rally to continue if the interest sustains. The next barrier is the $600 to $650 range, where ZEC consolidated through late 2024.
What's next?
The difference between Zcash and Cardano's market capitalization is $0.01 billion, which leaves room for a potential flip in the coming sessions. It will be watched whether Cardano gets ahead or Zcash retreats, vacating the 11th spot of the largest cryptocurrency by market capitalization for another cryptocurrency.
Zcash marked seven straight days of increases before slightly dropping as it faced resistance at $642. If the current profit taking continues and Zcash confirms overbought conditions, the $500 level might come into focus. The privacy coin has risen for four straight months and doesn't show signs of abating soon.
Analysts identify the $0.25 level as key for Cardano recovery, with ADA price eyeing a potential move to $0.53 if sustained. If this is the scenario, Cardano will target a potential move higher in crypto rankings and possibly flip Zcash.
Q&A
What caused Zcash's 65% price increase?
Zcash's price increase is attributed to Multicoin Capital's disclosure of a significant investment in the privacy coin.
How does Zcash's market cap compare to Cardano's?
Zcash's market capitalization is currently $9.824 billion, while Cardano's is $9.81 billion, placing Zcash in the 11th position and Cardano in the 12th.
What are quantum-recoverable wallets in Zcash?
Quantum-recoverable wallets are a feature Zcash is set to roll out to protect against future quantum computing threats, aiming for full post-quantum status within 12 to 18 months.
