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‘Hedge Against Bitcoin’ Outperforms BTC Amid Crypto Market Dip On Record Shielded Supply
Privacy token Zcash (ZEC), called the “hedge against Bitcoin” by people like investor Naval Ravikant and Grayscale chairman Barry Silbert, outperformed Bitcoin (BTC) in early morning trade on Tuesday amid the selloff in the cryptocurrency market. ZEC’s price rose nearly 5% in the last 24 hours to around $268, but remained over 60% below its 52-week high of $744.13, seen in November. The surge comes as on-chain data showed a record 5.18 million of total shielded ZEC, accounting for 31.14% of Zcash’s total supply and worth around $1.38 billion. The token was among the top trending tickers on Stocktwits at the ... (full story)