- ZEC climbed above $1,300, reaching an intraday peak close to $1,389 as buying momentum quickened.
- Roughly 2.4 million ZEC supported NU7 upgrade proposals, and Paradigm co-founder Matt Huang revealed that the firm holds ZEC.
Zcash (ZEC) extended its ongoing upward trend by rising past $1,300 on September 17 as buying volume increased across the privacy-oriented cryptocurrency. According to CoinGecko figures, ZEC hit an intraday high close to $1,389 and traded near $1,360 during the most recent update. The digital asset advanced more than 20% on September 16 and maintained its upward trajectory into Thursday’s trading.
This latest price action follows strong backing from Zcash holders for several modifications tied to the network’s upcoming NU7 upgrade. Close to 2.4 million ZEC—accounting for roughly two-thirds of the available tokens—participated in this governance ballot.
Out of the various measures put forward, 99.9% of the participating ZEC voted to shorten Zcash block intervals from 75 seconds down to 25 seconds. An additional 98.9% favored keeping the network’s current Bitcoin-inspired halving timeline intact. Furthermore, participants voted to postpone the reissuance of fees gathered via the Network Sustainability Mechanism until February 2031.
ZEC Rally Gains Institutional Attention
This governance decision coincides with renewed interest from cryptocurrency investment fund Paradigm. Matt Huang, co-founder of Paradigm, shared on X (previously Twitter) that the company holds ZEC, characterizing the asset as a privacy-centric counterpart to Bitcoin. His statements arrived while ZEC was already experiencing substantial upward movement.
Meanwhile, the wider digital asset market bounced back following the Federal Reserve’s 25-basis-point interest rate hike, which brought its benchmark target to 3.75%-4%. Bitcoin climbed past $76,000 once more, alongside price increases for other leading cryptocurrencies.
Alongside its price, ZEC’s market capitalization has also risen. CoinGecko figures place the token’s market valuation at approximately $22.6 billion as of September 17, up from roughly $18.8 billion just 24 hours prior. Moreover, daily trading activity surged to an estimated $2.66 billion.
Regarding technical price levels, ZEC has advanced quickly from around $1,025 on September 4 to above $1,300, featuring multiple significant daily fluctuations. Following Thursday’s peak near $1,389, traders are now watching the $1,400 threshold, whereas the $1,200 zone has turned into a vital support area following this latest breakout.
Because of this aggressive ascent, ZEC is changing hands significantly higher than its valuations earlier in the month. This makes the upcoming trading sessions critical for assessing whether the strong buying momentum can be sustained following such a rapid surge.
Highlighted Crypto News:
Moscow Exchange Lists Perpetual Crypto Futures Across Five Major Digital Assets
Frequently Asked Questions
What caused the recent surge in the price of Zcash (ZEC)?
The rally was driven by accelerated buying activity, strong community approval for NU7 upgrade proposals, and public disclosure from Paradigm co-founder Matt Huang that the firm holds ZEC.
What changes were approved in the Zcash NU7 governance vote?
Participants voted overwhelmingly to shorten block times from 75 seconds to 25 seconds, preserve the Bitcoin-style halving schedule, and delay the reissuance of fees collected through the Network Sustainability Mechanism until February 2031.
What was Zcash’s market capitalization during the price milestone?
CoinGecko data showed ZEC’s market valuation reached approximately $22.6 billion on September 17, up from roughly $18.8 billion the day before.
