ZEC (Zcash) up 11.76% in 24 hours

According to Gate News Bot on December 5, citing CoinMarketCap data, as of press time, ZEC (Zcash) is trading at $394.27, up 11.76% in 24 hours, with a high of $473.16 and a low of $302.75. The 24-hour trading volume reached $1.138 billion. The current market capitalization is approximately $6.475 billion, an increase of $681 million from yesterday, ranking 18th.

Zcash is a privacy-protecting digital currency and was the first cryptocurrency to develop zero-knowledge encryption technology for private peer-to-peer payments. Zcash uses end-to-end encryption to protect users’ privacy rights. Its transaction speed is faster than Bitcoin, and transaction fees are usually just a fraction of a cent. Zcash is fair and open, and anyone with an internet connection can use it.

Recent important news about ZEC:

1️⃣ Institutional Investors Increasing Holdings Drive Price Up A large investor deposited $4.49 million USDC into HyperLiquid, expanding their 10x leveraged ZEC long position. Meanwhile, another key market participant deposited $1.5 million USDC to maintain their ZEC long position. These large capital inflows indicate institutional optimism toward ZEC and provide strong support for the price.

2️⃣ Well-Known Traders Shift to Long Positions The well-known trader “Maji Big Brother” has opened a new 10x leveraged long position in ZEC, with his overall portfolio showing an unrealized profit exceeding $2 million. Another trader, “Cool-headed Order King,” also closed previous short positions and switched to opening ZEC long positions. The moves of these active traders reflect a positive shift in market sentiment, contributing to the rise in ZEC’s price.

3️⃣ Increased Attention to Privacy Coin Market As the overall cryptocurrency market warms up, the privacy coin sector is receiving renewed attention. As a representative of privacy coins, ZEC’s price performance is leading other mainstream cryptocurrencies, showing that investors are increasingly valuing privacy protection technologies.

From a technical perspective, ZEC has broken through several key resistance levels and is currently holding steady around $390, showing strong upward momentum. However, investors should closely monitor subsequent moves from major holding addresses and changes in regulatory policies related to privacy coins, as these factors may affect ZEC’s short-term price trends.

This news does not constitute investment advice. Please be aware of market volatility risks when investing.