ZEC Surges Past $1,200 as Market Cap Exceeds $20 Billion

Zcash (ZEC) has seen an unprecedented surge in recent months, reaching a milestone price of $1,200. This meteoric rise is even more impressive considering it was just three months ago that FUD surrounding Zcash led to a sharp decline.

The situation took a turn for the better when the protocol patched the vulnerability in its Orchard privacy pool, which had initially raised some uncomfortable questions. The issue had been disclosed by Zcash founder Zooko Wilcox and members of Shielded Labs, who explained that a hacker could have exploited this weakness to create fake ZEC without being caught right away.

Although the vulnerability was fixed, it still led to a 60% drop in price from $650 to $260. However, Zcash managed to stabilize at around $500 and eventually broke through the $1,200 mark earlier today.

This remarkable surge has seen ZEC's market cap surpass that of HYPE and DOGE, reaching over $20 billion. The token's price increase is also reflected in short liquidations, with data from CoinGlass showing $46 million in shorts being closed out in the past 24 hours.