ZEC (Zcash) 24-hour pump 1.62%, 24-hour volume 971 million USD

Gate News Bot news, on October 31, according to CoinMarketCap, as of the time of publication, ZEC (Zcash) is currently priced at $356.88, with a rise of 1.62% in the last 24 hours, reaching a high of $371.59 and a low of $265.78. The 24-hour volume has reached $971 million. The current market capitalization is approximately $5.812 billion, with an increase of $92.9 million compared to yesterday.

Zcash is a type of encrypted electronic cash and is the first cryptocurrency to develop zero-knowledge encryption technology for private peer-to-peer payments. ZEC can be used in trusted digital wallets and is listed on high-quality exchanges globally, making it an ideal choice for everyday private payments and long-term savings. Zcash features fairness and openness, privacy, user control, the ability to send encrypted messages, fast transaction speeds, and low fees. In addition, Zcash has a decentralized developer ecosystem for adding new features and improving user experience.

Important news about ZEC recently:

1️⃣ Layer2 network supports expansion The Ethereum Layer 2 network Unichain has added support for non-EVM assets such as ZEC. This initiative will create “uAssets” that can be transferred across chains through the Universal protocol, allowing for a 1:1 exchange of the native version. This will expand the use cases and liquidity of ZEC, with the potential to attract more users to participate.

2️⃣ Price has significantly pumped ZEC has seen a significant pump in the short term, with a 24-hour rise exceeding 15% at one point. This strong performance reflects the market's positive sentiment towards ZEC, which may be related to its status as a major privacy coin and the upcoming halving event.

3️⃣ New Independent Core Team Formation Helius Labs is forming a new independent core team for Zcash, focusing on scalability and security. This team, known as the privacy currency “Manhattan Project”, is recruiting a CEO, chief engineer, and researchers. The formation of the new team demonstrates the Zcash community's emphasis on technological upgrades for the project, which is expected to drive breakthroughs in ZEC's privacy protection and performance.

From a technical perspective, the price of ZEC has risen significantly in the short term and may face some retracement pressure. However, on the fundamental side, Zcash, as one of the main privacy coins, is expected to continue attracting market attention against the backdrop of rising demand for privacy protection. The upcoming halving event may also become an important factor supporting the price of ZEC.

This message is not intended as investment advice; investors should be aware of market volatility risks.