Zcash Soars to New High Amid Crypto Rally After Fed's First Rate Hike in Three Years
The cryptocurrency market experienced a surge in value after the Federal Reserve's first rate hike in three years, and Zcash (ZEC) was at the forefront of this rally. The token gained over 160% this year, outperforming Bitcoin (BTC), which fell nearly 13%. Zcash reached an all-time high of nearly $1,400 before paring gains to around $1,350.
The Federal Reserve's rate hike to 3.75%-4% was a key factor in the cryptocurrency market's recovery. The broader market climbed back above $2.7 trillion after falling below that level ahead of the Fed's decision. Zcash's price rallied over 13% in the last 24 hours, with retail sentiment flipping to 'bullish' from 'bearish'.
The token's gains were fueled by several factors, including a recent funding agreement between Zcash Labs and Ledger worth $80,000. This agreement will support integration of Zcash's new Ironwood shielded pool into Ledger devices, allowing users to self-custody funds in the pool using Ledger hardware wallets.