Zcash Surges Past $23 Billion Market Cap Amid Private Governance Vote

Zcash has broken through the $1,300 resistance level, and its market capitalization has surpassed $23 billion. The cryptocurrency surged by approximately 23% in the past 24 hours, with a session high of $1,396 and a current price of $1,354.75.

The increased value can be attributed to a private NU7 governance vote where Zcash holders backed faster 25-second blocks while retaining Bitcoin-style halvings. This protocol update is likely to boost adoption, on-chain throughput, and token fundamentals for crypto investors.

Short sellers were squeezed as they absorbed $51.63 million of the past 24 hours' $57.80 million in ZEC liquidations.