The talk between the Bitcoin (BTC) and Zcash (ZEC) communities intensified on Sunday as the value of Zcash recovered to over $700, after falling to a low of $598 on Saturday.
“The ‘Bitcoin solely, every part else is a rip-off’ crowd goes to get actually twisted attempting to determine what to say about Zcash,” the CEO of funding agency Bitwise, Hunter Horsley, mentioned in an X submit, which ignited a firestorm of responses.
“No, we’re fairly comfy calling this clearly coordinated pump and dump of a VC coin a rip-off,” Bit Paine mentioned in response, referencing Zcash’s 1,500% rally since October.
Mert Mumtaz, CEO of distant process name (RPC) node supplier Helius and a vocal Zcash supporter, agreed with Horsely and characterised the Bitcoin neighborhood’s criticism of the privateness coin as conspiracy theories.
Zcash broke previous eight-year highs in October and flipped Monero (XMR) to turn into the highest privateness coin by market capitalization, boasting a market cap of over $11.2 billion on the time of this writing and reviving the privateness dialog within the crypto trade.
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Zcash rally revives dialog round privateness, as trade executives rally round it
Zcash is ranked because the twelfth largest crypto by market capitalization, in response to CoinMarketCap, near breaking into the highest 10 by unseating the Cardano community’s native token ADA (ADA), which has a market cap of over $17 billion on the time of this writing.
In November, Arthur Hayes, founding father of the BitMEX crypto alternate, mentioned that Zcash is now the second-biggest liquid funding held by Maelstrom, his household workplace, with BTC being the largest liquid asset owned by the fund.
Leap Therapeutics, a biotech firm, rebranded to Cypherpunk Applied sciences, a Zcash treasury firm, on Wednesday, with backing from the Winklevoss Twins’ Winklevoss Capital, inflicting its shares to spike by over 170% on the information.
The meteoric worth rally additionally revived conversations about integrating privateness into the Bitcoin protocol by way of reactivating a Bitcoin opcode referred to as OP_CAT, which might allow privateness and different superior options natively on the Bitcoin protocol.
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