Zcash gained 11.7%, Bitcoin held above $80,000

On November 5, Bitcoin (BTC) held above $80,000 following the recovery of the cryptocurrency market. Over 24 hours, its price increased by 5.7%, reaching approximately $80,484. Among major assets, Zcash (ZEC) saw the most significant increase, rising by 11.7% to $1,318. These figures are based on the time of observation and may change during trading.

The growth also affected other cryptocurrencies. Ether (ETH) rose by 8% to $2,425, XRP by 4.7% to $1.31, Solana (SOL) by 5.9% to $96, and BNB by 4.2% to approximately $715. The daily trading volume of Zcash was estimated at $1.2 billion. The network supports shielded transactions, which can hide information about the sender, receiver, and amount. This feature is not used in all transactions.

The recovery was preceded by a decline: on November 4, Bitcoin briefly fell to $75,700. Then buyers pushed the quotes back above $80,000. At the same time, the dollar weakened in traditional markets, and the S&P 500 index rose by 1.6% by the end of Wednesday.

Brent oil fell by more than 8% on November 4. Market movements occurred after the U.S. midterm elections, which resulted in the Democratic Party gaining a majority in both houses of Congress. Market participants linked the drop in oil prices partly to expectations of possible changes in the situation surrounding the conflict with Iran. However, this is an assessment of market expectations, not a confirmed reason for the rise in cryptocurrencies.

Zcash prepares for NU7 network upgrade

Additional attention to Zcash is related to the planned NU7 upgrade. It aims to reduce the target block interval from 75 to 25 seconds. With the unchanged requirement of three confirmations, the estimated waiting time could decrease from about four minutes to 75 seconds. Activation is planned for block 3,543,405, approximately on November 5–6, but the exact time depends on network performance.

Amid the recovery of quotes, uncertainty around cryptocurrency regulation in the U.S. persists. The CLARITY Act, intended to establish rules for the digital asset market, did not pass a procedural vote in the Senate on September 15. The new Congress will begin work on January 3, 2027. Possible changes to the bill and the timing of its consideration are currently unknown.

The reason for the leading growth of ZEC is not established: there was a simultaneous general market recovery and anticipation of the network upgrade. There is insufficient data to conclude the duration of the growth at this time.