ZCASH (ZEC) stands out in the downward cryptocurrency market by posting double-digit profits driven by new demand for coins, focusing primarily on privacy.
As of press time, ZEC is trading at $51.67, an increase of over 10% over the last 24 hours. Over the past month, Zcash has surged more than 40%, pushing its market capitalization to around $860 million, bringing its billion-dollar milestone.
While most major cryptocurrencies are under pressure, Zcash’s rally has been driven in part by the increased use of privacy features.
The key metric supporting this momentum increased by 6,484 ZEC on June 1, resulting in a total of 3,119,887 ZEC, worth around $161.6 million. This is an increase in shield transactions by $1.26 million in just one day.
Shield Holdings is a core feature that enables private transactions over the ZCASH network. It reflects the growing preference for censorship resistance amid potential surveillance and regulatory debates.
The broader privacy coin’s market capitalization is currently at $8.8 billion, an increase of 1.3% over the past 24 hours. This contrasts with the crypto market, where most assets remain red.
Increased demand for privacy tokens
Interestingly, the rise in Zcash occurs despite increasing challenges. In April, ZEC was once again included in the abolition of the vote, raising concerns about its exchange stance against privacy coins.
ZEC faces multiple listing threats across its platform, and may even encourage suspicious voting practices, including alleged fraud, and pushbacks from the broader crypto community.
Meanwhile, Monero (XMR), the top privacy coin, also saw an increase in purchasing pressure even after it was delisted from major exchanges like Coinbase.
Amidst these headwinds, Monero continues to be the biggest choice of non-tracable transactions thanks to advanced privacy technology.
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