Zcash Soars Amid Privacy Coin Sector Boom
Zcash has seen a significant price surge in recent days, reaching $1,505 after a 4.5% rise in 24 hours and a 90% gain in the past month.
This is despite Bitcoin's modest 10% gain over the same period, with Zcash having roughly tripled in value year-to-date.
The forces behind this gap reveal something brewing in the privacy coin sector that most investors have not priced in yet.
One reason for Zcash's rally is a recent vote among holders where 99.9% voted to speed up transactions, reducing the block time from 75 seconds to just 25 seconds.
This change will result in payments being confirmed about three times faster.
Another significant factor contributing to Zcash's rise is Paradigm's endorsement of it as a 'private complement to Bitcoin' on September 16.
Paradigm, one of the largest crypto venture funds, prompted other funds to reevaluate their stance on Zcash following this endorsement.