Whale Stacks $31.2M in Zcash Amid Market Share Gains

A whale has quietly accumulated nearly $31.2 million worth of Zcash, according to data from OnchainLens.

This significant accumulation comes at a time when Grayscale's official account lists ZEC alongside other assets with a digital currency use case, citing Zcash's continued capture of market share against Bitcoin.

In the past year, ZEC has gone from about 0.1% of Bitcoin's market cap to approximately 1.5%, with its price near $1,500.

Grayscale Research believes that as demand for privacy grows, Zcash can continue to capture share, pointing to a fuller research piece on their site.