Zcash Outshines Bitcoin with 102% Gain

Privacy-focused cryptocurrency Zcash (ZEC) has managed to substantially outshine Bitcoin (BTC) this September, with the ZEC/BTC pair surging by more than 100%. 

ZEC has managed to break a multi-year downtrend against the leading cryptocurrency while few were paying attention. 

At press time, Zcash is changing hands at $68.81 after hitting a six-month high. 

Following the recent surge, the privacy coin is now on the verge of reclaiming its spot within the top 100. 

Still down 98% 

However, it is worth noting that ZEC is still down a whopping 98% from its record high of $3,191 that was reached back in October 2016. 

Back then, there was a speculative frenzy surrounding the token due to market excitement for privacy coins and zero-knowledge proofs, which make it possible to conduct private transactions.  

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The following day, the price of the token plunged by 72%, with the meme coin leaving the top 100. 

Delistings and security concerns

In 2024, Zcash faced a wave of delistings on numerous exchanges alongside fellow privacy coin Monero (XMR) due to heightening regulatory pressure. Earlier this year, Binance, the world’s leading cryptocurrency exchange, also indicated that it could delist ZEC, which sparked backlash within the community. 

The token has also faced significant security concerns. Back in September 2023, a single mining pool managed to seize control of more than 50% of the hashrate. This could have potentially lead to 51% attacks.