Zcash Surges 20% to $230 Amid Rising Privacy Coin Interest
Privacy coins such as Monero and Zcash are gaining significant attention amid a general cryptocurrency market rebound. Zcash has surged by almost 40%, reaching the $200 mark for the first time in nearly three years.
Zcash Shielded Pool and Quantum Risks
- Zcash is currently trading at $230.05, showing a 20.47% increase in the last 24 hours.
- The 24-hour trading volume increased by 68.24%, reaching $1.44 billion.
- This surge outpaces major cryptocurrencies like Bitcoin, Ethereum, and Monero.
- Narratives for this upswing include debates over financial surveillance in Europe and increased attention on Zcash’s mobile wallet integrations.
- MIT researcher and Zcash co-founder, Madars Virza, emphasized Zcash's shielded pool as protection against anonymity breaches and quantum threats.
Analyst's View on Bitcoin and Quantum Threat
- Analyst Charles Edwards suggests that Bitcoin holders need to act quickly to implement quantum-resistant upgrades.
- Quantum computing poses a threat to Bitcoin's $1 million price target.
- Some large Bitcoin holders underestimate the quantum threat, possibly to encourage short-term price increases.