ZEC (Zcash) up 7.42% in 24 hours, market capitalization exceeds $6 billion

Gate News Bot Message, January 27th, according to CoinMarketCap data, as of press time, ZEC (Zcash) is trading at $369.11, up 7.42% in the past 24 hours, with a high of $383.52 and a low of $325.75. The 24-hour trading volume reached $500 million. The current market capitalization is approximately $6.09 billion, an increase of $421 million from yesterday.

Zcash is the first cryptocurrency to develop zero-knowledge cryptography technology for private peer-to-peer payments. As a form of encrypted electronic cash, ZEC uses end-to-end encryption to protect user privacy while maintaining decentralization, allowing users full control over their funds. ZEC transactions are faster than Bitcoin, with transaction fees typically only a fraction of a cent, and support the sending of private messages within transactions. The ecosystem has gained support from multiple exchanges and features various applications such as the Zashi mobile wallet.

Recent important news about ZEC:

1️⃣ Ecosystem Development Funding and Infrastructure Upgrades Shielded Labs, the core development team of Zcash, recently received a donation of 3,221 ZEC (approximately $120,000) from Tyler and Cameron Winklevoss. The funds will be used to support key projects such as network sustainability mechanisms, Crosslink, and dynamic fees, enhancing network security and scalability. Meanwhile, the Zcash Foundation released a new DNS seed server based on Rust language, featuring a lock-free architecture, built-in rate limiting, and support for IPv4/IPv6 dual protocols, significantly improving node discovery efficiency and network reliability, while reducing failure risks under high load scenarios. These infrastructure upgrades provide technical support for the long-term development of privacy coin networks.

2️⃣ Large On-Chain Token Flow Changes A newly created wallet has extracted $3.12 million worth of ZEC tokens from a centralized exchange, with expected continued withdrawals, indicating increased market participant confidence in holding ZEC. Such large on-chain transfers often reflect long-term capital deployment intentions.

3️⃣ Market Sentiment and Technical Pressure Factors Derivatives market data shows that ZEC funding rates have remained in negative territory for over a week, indicating strong bearish sentiment. On-chain data shows an increase in exchange balances recently, typically suggesting rising seller pressure. Despite short-term technical pressures, Zcash’s core narrative as a privacy coin remains intact, and recent infrastructure upgrades and ecosystem financing lay a foundation for medium- and long-term development.

This message is not investment advice; please be aware of market volatility risks.