Zcash Shielded Supply Up 4.5M as Price Sees Breakout

Privacy-focused cryptocurrency Zcash is seeing significant growth. According to reports, its shielded supply has increased to 4.5 million ZEC. At the same time, the price has jumped from $50 in September to almost $350 at the time of writing. This rise shows that investors are gaining confidence and more people are using Zcash’s privacy features.

Growing Trust in Zcash’s Privacy Technology

Similarly, the increase in shielded supply shows that more users are choosing to move their ZEC into shielded addresses. 

This shift also indicates a growing trust in the network’s ability to keep information private and secure. It also suggests that updates to Zcash’s technology and wallet options are making it easier for people to use shielded transactions.

In the past few months, Zcash developers and partners have made significant improvements to their infrastructure. Many popular wallets and exchanges now work better with Zcash’s privacy features. 

Furthermore, these updates have led to more people using shielded addresses, allowing for quicker and smoother private transactions. Intriguingly, Zcash is becoming more competitive in the growing market for privacy-focused cryptocurrencies. 

Privacy Features Keep Zcash in the Spotlight

Zcash remains an attraction because of its privacy feature that allows users to send and receive funds without revealing their identities. Earlier this year, when Binance considered delisting Zcash, users of the exchange reacted against the move.

Recently, Zcash surged by 30% after crypto entrepreneur Arthur Hayes predicted the token could eventually hit $10,000. 

This is not the first time Hayes’s comments have coincided with a price rally. Crypto trader and Binance Square contributor AB Kuai Dong speculated that the Zcash rally was largely driven by Hayes’s speculation.

Growing Interest in Privacy Coins

Some market observers believe the rally reflects a broader resurgence of interest in privacy-focused cryptocurrencies. This is because global regulators increase scrutiny over digital assets and encryption technologies.

Zcash’s 30% surge marked a 490% gain, propelling its market capitalization above $5 billion for the first time. Launched in October 2016, Zcash is known for its use of zero-knowledge proofs, allowing transactions to be either transparent or fully shielded. This means that senders, receivers, and transaction amounts can remain private if users choose.

However, people are trying to find a balance between digital privacy and regulation. Some believe privacy is important for freedom, while others worry it can be used for illicit activities.