Zcash Rockets Past Bitcoin Amid Crypto Rally After Fed Rate Hike

Zcash (ZEC) has surged to a new record high, surpassing Bitcoin's gains during a broader crypto rally following the Federal Reserve's first rate hike in three years.

The privacy token rallied over 13% in the last 24 hours, trading at around $1,350, after crossing an all-time high of nearly $1,400. ZEC has gained roughly 160% this year, outperforming Bitcoin which has fallen nearly 13%.

Zcash's move comes against a backdrop of major network changes, including the replacement of Orchard with Ironwood, and a funding agreement between Zcash Labs and Ledger to support integration of ZEC's new shielded pool into Ledger devices.

The overall cryptocurrency market has climbed back above the $2.7 trillion mark after slipping lower ahead of the Federal Reserve Open Market Committee rate decision.