On September 17, the price of Zcash (ZEC) rose by 20%, reaching $1380. The coin climbed to the ninth position among the largest cryptocurrencies, and its market capitalization exceeded $22 billion. At the time of writing, the asset was trading around $1360. Bitcoin and other cryptocurrencies also strengthened overnight, but with a more restrained dynamic. The market growth occurs despite the Federal Reserve's interest rate hike.
The surge in ZEC coincided with comments from Paradigm co-founder Matt Huang. He discussed the role of the coin as a "privacy-preserving asset complementing digital gold" and noted that Paradigm is an investor in ZEC and ZODL, as well as supporting the ZODL team. Huang advocated for continued funding for developers, adding that coin holder voting should be combined with other decision-making methods regarding changes to the network. The latter point likely referred to the recently approved ZIPs. On September 16, the overwhelming majority of the ZEC community voted to accelerate blocks and maintain halvings.
Recall that on July 28, Zcash activated the Ironwood update after a critical vulnerability was discovered in Orchard. It launched a new secure pool and limited the operation of the previous one.
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