Zcash (ZEC) Reclaims $230 as Demand for Privacy Coins Skyrocket

Beyond the broader cryptocurrency market rebound, privacy coins like Monero XMR $336.9 24h volatility: 1.6% Market cap: $6.21 B Vol. 24h: $255.05 M and Zcash ZEC $233.2 24h volatility: 28.3% Market cap: $3.83 B Vol. 24h: $1.46 B are getting so much attention. In light of this uptick, ZEC has spiked by almost 40% to reclaim its $200 level after almost three years of struggling below this level.

Zcash Shielded Pool Protects Against Quantum Risks

According to CoinMarketCap, Zcash is currently trading at $230.05, corresponding with a 20.47% increase within the last 24 hours. This price surge has been ongoing for a few days and has been further extended to Oct. 10. This reflects traders’ shift into privacy-focused tokens even as the market keeps recording a general rally.

In addition, its 24-hour trading volume is equally 68.24% higher within the same time. Precisely, ZEC trading volume is now pegged at $1.44 billion. As a result of this uptrend, this coin has successfully outpaced a number of top digital assets, including Bitcoin BTC $121 384 24h volatility: 0.1% Market cap: $2.42 T Vol. 24h: $65.79 B , Ethereum ETH $4 337 24h volatility: 0.4% Market cap: $523.48 B Vol. 24h: $35.07 B , and even its related privacy-centric coin Monero.

Some supporters have offered a mix of narratives to explain the upswing, with a few pointing to renewed debates over financial surveillance in Europe. Others pointed to fresh attention on Zcash’s mobile wallet integrations, as well as rising volumes across the sector, as catalysts.

MIT researcher and Zcash co-founder, Madars Virza, attempted to explain the reason behind the performance of the coin. He highlighted Zcash’s shielded pool, which protects anonymity and against quantum threats. This is particularly important at this time, when there are so many conversations surrounding the quantum computing threat to cryptography.

Analyst Reveals Timeline to Act Towards Bitcoin and Quantum Threat

Not too long ago, top analyst Charles Edwards mentioned that Bitcoin lovers would need to act faster to prevent quantum-resistant upgrades from cracking Bitcoin.

He took to X to inform these entities that quantum computing would be a major setback for Bitcoin’s $1 million price target. In his opinion, some large Bitcoin holders have downplayed the potential threat of the quantum-resistant upgrades.

They do not think that quantum computing is capable of impacting cryptocurrency, even in the next 10 years. Edwards opines that these entities are making such statements to enable short-term BTC price pumps.

The post Zcash (ZEC) Reclaims $230 as Demand for Privacy Coins Skyrocket appeared first on Coinspeaker.