Zcash Jumps to Record High, Enters Crypto Top 10 List

Zcash (CRYPTO: ZEC) extended its powerful bull run on Sunday, hitting a new record high and climbing into the top ten cryptocurrencies by market value. The coin jumped to $1,217, a gain of 130% year to date and 2,700% over the past 12 months, comfortably outpacing top coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Zcash Price Jumps as Demand Soars

ZEC is a top cryptocurrency that solves a major challenge facing mainstream coins like BTC and ETH: privacy. While transactions on Bitcoin, Ethereum, USDT, and USDC are typically public and traceable on their respective ledgers, Zcash gives users a choice, letting them send funds through shielded pools or keep their transactions public.

Data shows that more people are using their shielded addresses. BlockWorks data shows that the shielded supply jumped to 4.85 million ZEC tokens, its highest level since June this year. It has been in a steady increase since bottoming at 4.35 million in June this year. 

ZEC has also jumped as the volume soars. Data compiled by CoinMarketCap shows that it was one of the most traded tokens today, with its 24-hour volume soaring to over $1.45 billion. Also, more data shows that its futures open interest soared to a record high of $2.43 billion. Open interest looks at the volume of unfilled put and call orders in the perpetual futures market. Shorts worth over $41.2 million were liquidated in this period.