Zcash Rockets to $35.69 as Traders Hoard Privacy Coins!

Hang onto your hats, crypto fans! Zcash (ZEC) just blasted through the roof, soaring to a jaw-dropping $35.69 during the latest market frenzy. Traders are yanking record numbers of ZEC out of circulation, and it's clear they're betting big on this privacy powerhouse!

As the crypto world shakes off the dust, Zcash is shining bright like a supernova. On Tuesday, April 8, this token skyrocketed 15% to hit a daily high of $35.69 before settling at $34.49. And guess what? It happened right as Bitcoin flirted with $80,000 before crashing back to $77,422.

The on-chain vibes are electric, folks! Traders are all in on this privacy-focused gem. Just the day before, on Monday, April 7, the Zcash shielded pool supply went through the roof, hitting an all-time high of nearly 2.9 million ZEC. As of April 8, that number's still sky-high at 2.54 million, making up a whopping 15.9% of all circulating supply.

And hey, check this out! Zcash's shielded pool is hitting record highs again! $ZEC is on fire!

Zcash Sees Record Amount of Tokens Out of Circulation

So what's the deal with this shielded supply? It's the number of tokens chilling in z-addresses, which are like the Fort Knox of crypto wallets. These bad boys keep your supply and transactions under wraps, giving you that sweet, sweet privacy. And get this - when the shielded supply's up, it's a sign that folks are in it for the long haul.

Now, here's the kicker: most big exchanges won't touch z-addresses with a ten-foot pole because of all those pesky anti-money laundering and know your customer rules. That means these tokens are basically gone from the open market, making ZEC a hot commodity and driving those prices through the roof!

The skyrocketing shielded supply tells us one thing: people are loving Zcash's privacy features. Just like Monero, Zcash is all about keeping your transactions hush-hush on the blockchain.

But hold up - not everyone's a fan. Regulators are side-eyeing these privacy tokens hard, worried about money laundering and all that jazz. In fact, back in 2022, the U.S. Department of Homeland Security said they're cooking up ways to track these blockchain transfers. Buckle up, folks - it's gonna be a wild ride!