ZEC (Zcash) 24-hour pump 16.39%

Gate News Bot news, on November 6th, according to CoinMarketCap data, as of the time of writing, ZEC (Zcash) is currently priced at $492.28, rising 16.39% in the last 24 hours, reaching a high of $501.55 and a low of $299.64, with a 24-hour volume of $1.458 billion. The current market capitalization is approximately $8.017 billion, an increase of $1.129 billion compared to yesterday.

Zcash is a cryptocurrency focused on providing privacy-protecting digital cash. It is the first cryptocurrency to develop zero-knowledge cryptography for private peer-to-peer payments. Zcash is available to anyone with an internet connection and uses end-to-end encryption to protect users' privacy rights. As a decentralized protocol, Zcash allows users to have complete control over their funds. Compared to Bitcoin, Zcash transactions are faster, and fees are usually only a fraction of a cent. Zcash also supports sending private messages in transactions.

Important recent news about ZEC:

1️⃣ The Zcash Foundation has launched a new official website.

The Zcash Foundation has launched a newly designed official website, which has been comprehensively upgraded in terms of navigation structure, accessibility, and interactive experience. The new website aims to help developers, researchers, and community members more easily understand project dynamics and participation pathways, thereby strengthening the construction of Zcash's privacy financial infrastructure. This initiative is expected to enhance the project's professional image and attract more developers and users to join the ecosystem.

Market volatility intensifies, strong rebound after short-term correction.

The price of ZEC has experienced significant fluctuations over the past few days. On November 5, ZEC saw a correction of 7.91%, reaching a low of 299.64 USD. However, market sentiment quickly shifted, and the price of ZEC rebounded strongly, rising 16.39% within 24 hours, peaking at 501.55 USD. This dramatic price volatility reflects the market's high attention and investment enthusiasm for ZEC.

3️⃣ Large investors remain optimistic about the prospects of ZEC.

A large investor established a 5x leveraged long position in ZEC on the Hyperliquid platform on October 26, with a holding of 21,978.9 ZEC (approximately $9.24 million). Despite a short-term market pullback, the position remains significantly profitable, indicating that some institutional investors are optimistic about ZEC's medium to long-term trend. This ongoing large-scale investment may provide some support for ZEC's price.

From a technical perspective, the ZEC price is showing a strong rebound trend after a short-term correction, but may face some profit-taking pressure. On the fundamental side, Zcash's continuous innovation in privacy protection technology and the ongoing interest from institutional investors provide long-term support for the ZEC price. Investors should closely monitor the project's technological upgrade progress and the movements of large holding addresses.

This message does not constitute investment advice, and investors should be aware of market volatility risks.