Zcash jumped 11.3% to $478, marking an approximate 80% recovery since its June 5 plunge. The rally pushed its market capitalization back above $8 billion and wiped out $11.5 million in short positions.
Key Takeaways:
Zcash surged 11.3% to $478, reclaiming its top privacy coin status over monero after an 80% rally.The ZEC spike wiped out $11.5 million in short positions within 24 hours as bitcoin dropped below $63,000.Analysts like Matthew Brienen watch Zcash next to see how the market prices in the 2022 Orchard pool bug.He added, however, that if counterfeit Orchard notes do exist, they could remain hidden until redemption is ultimately forced. According to Brienen, the recent price action suggests that is exactly what the market is trying to price in.
