On September 17, the price of Zcash (ZEC) increased by approximately 20% over 24 hours, reaching $1380. At the time of writing, the asset was trading around $1360. Zcash's market capitalization exceeded $22 billion, allowing the cryptocurrency to climb to ninth place among the largest digital assets.
The rise of ZEC occurred against the backdrop of a general strengthening of the cryptocurrency market. Bitcoin and several other major assets also saw price increases, although their dynamics were more restrained. This market movement followed the decision of the U.S. Federal Reserve regarding the key interest rate, which was one of the factors accompanying the trading session. Additional attention to Zcash was drawn by comments from Matt Huang, co-founder of the venture capital firm Paradigm. He characterized the cryptocurrency as a privacy tool that could complement Bitcoin as a digital asset. Huang also mentioned that Paradigm owns Zcash and supports the ZODL team, which is focused on developing the ecosystem.
Separately, Huang commented on the network governance mechanisms. In his opinion, voting by ZEC holders on protocol changes could be used alongside other decision-making mechanisms. These comments came shortly after the community voted on protocol changes, in which participants supported accelerating block formation and maintaining the halving mechanism. An important event for the network earlier was the Ironwood update, activated on July 28 after a critical vulnerability was discovered in Orchard. The update introduced a new secure pool and limited the use of the previous one. These changes became part of the further development of Zcash's infrastructure and its privacy transaction technologies.
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