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Zcash gains 7% a day before its 10th birthday
Zcash (@Zcash) $ZEC rose 7% over the past 24 hours to about $1,307, pushing its market cap to $22.1B, according to CoinMarketCap data. The privacy-focused token is gaining a day before the ne
Zcash (@Zcash) $ZEC rose 7% over the past 24 hours to about $1,307, pushing its market cap to $22.1B, according to CoinMarketCap data. The privacy-focused token is gaining a day before the network's 10th anniversary on Wednesday, Oct. 28.
ZEC price and market cap
Other data providers show a similar picture. Coinbase lists ZEC at about $1,303 with a market cap of roughly $22.14B, and notes the token is up 7% from a week ago. Rankings vary by provider: Crypto.com places Zcash at #9 by market cap, while CoinGecko lists it at #10.
ZEC remains well below its record. Coinbase puts the all-time high at $5,941.80, which leaves the current price about 78% lower.
Zcash has a maximum supply of 21 million coins, the same cap as Bitcoin. Coinbase data shows about 16.9 million ZEC in circulation, or 81% of the maximum.
Tachyon upgrade in focus
The Zcash team is using the countdown to the anniversary to preview Tachyon, an upgrade in development that aims to make onchain private payments up to 100x smaller. That would reduce the data the network has to handle as private transactions grow.
Tachyon is a scaling proposal led by Sean Bowe. According to CoinDesk, developers recently released Udon, a component that moves parts of Tachyon into Zakura Common, software used to create and verify private transactions. CoinDesk reports the long-term target is more than 50,000 private payments a second.
The work is still at an early stage. CoinDesk notes that Udon starts the integration but does not demonstrate Tachyon's speed, and that the proposed upgrade needs further development and a security review before any possible activation. Zcash's mainnet has not yet adopted the upgrade.
For traders, the near-term driver is likely to be sentiment around the anniversary and the Tachyon roadmap, rather than any change to how the network operates today.
Sources:
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