Zcash Soars 1,000% in a Year, Still Has Room for Growth

Zcash (ZEC) has had an incredible year, skyrocketing by over 1,000% in value. This is despite many other altcoins struggling to gain momentum.

Despite a recent pullback to around $1,400, Zcash continues to attract new investors. According to Onchain Labs, one major wallet has been accumulating the cryptocurrency, adding 41,690 ZEC over the past week and moving out about 18,730 tokens in the process.

This accumulation has caught the attention of Grayscale Head of Research Zach Pandl, who believes that Zcash still has room to grow. In fact, it's only increased its market share from around 0.1% of Bitcoin (BTC) to around 1.5% over the past year.

Pandl thinks that ZEC's strong focus on privacy could help it capture even more market share from other cryptocurrencies. He notes that artificial intelligence may create new concerns about financial privacy, making solutions like Zcash even more appealing.