The Surprising Rise of ZCash’s Market Value Last Week
Last week, Zcash garnered considerable attention in the cryptocurrency world by ascending to the top spot in the market cap rankings. As of Tuesday, the coin had claimed the fifth position among the leading gainers, experiencing a 29% increase over the span of seven days. Throughout the week, Zcash’s value skyrocketed by an impressive 56% against the US dollar, positioning it as the most significant gainer in the cryptocurrency sector. This surge occurred amidst the industry’s struggle to recover from substantial losses, signaling a robust demand from crypto investors that contributed to a broader market rally.
What factors attributed to ZCash’s remarkable performance? The recent gains of the coin were largely attributed to the reemergence of its founder, Zooko Wilcox, and the backing from MetaMask, a renowned Web3 for Ethereum and decentralized finance (DeFi) wallet.
Zooko’s Return
In December, Zooko Wilcox, the founder of Zcash, relinquished his role as CEO of the Electric Coin Company. In an open resignation letter, he expressed gratitude for the opportunity to bring his science fiction-inspired visions to life but acknowledged that Zcash’s significance in human history surpassed any individual. However, in a surprising turn of events, Zooko revealed to Forbes Magazine his collaboration with a Swiss non-profit organization, Shielded Labs, to spearhead the development of Zcash. This initiative received support from Vitalik Buterin, the founder of Ethereum, who underscored the importance of ensuring that the future of Zcash is not overshadowed by personal conflicts.
MetaMask’s Support
In addition to Zooko’s return, the announcement of MetaMask’s endorsement of Zcash also played a pivotal role in the coin’s surge in value. The news of MetaMask’s integration of Zcash into its platform, revealed in early August, generated significant enthusiasm within the Zcash community. In response to this, Zooko expressed his excitement by sharing a post from the Zcash Foundation announcing MetaMask’s commitment to supporting the development of a MetaMask Snap that would facilitate Shielded ZEC.
The impact of these developments extended beyond Zcash alone, as Monero, another privacy-focused coin, also experienced a noteworthy increase in value, indicating a widespread interest in privacy-focused cryptocurrencies among investors.
Zcash’s Environmental Contribution
As a privacy-focused anonymity coin based on the Bitcoin codebase and blockchain, Zcash has garnered attention for its steadfast commitment to privacy and security. While some may view its surge in market value with skepticism, it is crucial to acknowledge the value of privacy-focused cryptocurrencies in an era of escalating digital surveillance.
In conclusion, Zcash’s ascent to the top of the market cap rankings was propelled by a convergence of factors, including the resurgence of its founder, Zooko, and the endorsement from MetaMask. It will be enthralling to witness how these developments continue to sculpt the future of Zcash and the broader cryptocurrency market.
Sources:
– Forbes Magazine
– CoinMarketCap
– Medium
– Zcash Foundation Forum
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