Zcash Defies Market Turmoil with 11% Rally Amid Clarity Act Fears
Zcash has staged an impressive rally despite the uncertainty following the failure to pass the CLARITY Act. The privacy-focused cryptocurrency is trading at around $1,250, according to CoinGlass data, with a market capitalization of approximately $21 billion.
This performance stands out sharply against the rest of the market, which saw major cryptocurrencies like Bitcoin and XRP drop significantly after the Senate failed to invoke cloture on the motion to proceed to the Clarity Act. Bitcoin fell towards $76,000, while XRP dropped nearly 10% despite reassurances from CTO Stu Alderoty.
ZEC itself was briefly caught in the sell-off before dramatically reversing course. The surge coincides with positive news surrounding Zcash's next major network upgrade, the NU7 upgrade. Holders overwhelmingly backed several proposals connected to the upcoming upgrade, including moving ahead with NU7 as quickly as possible and shortening the target block interval from 75 seconds to 25 seconds.