Horizen spikes 60% to lead gainers as BTC, ETH bounce

Horizen’s price soared more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive fall that saw top altcoins collapse to key support levels.

December 20, like Bitcoin (BTC) traded above $97,000 and Ethereum (ETH) bulls pushed above $3,400, Horizen price (ZEN) reached a high of $26.34. The cryptocurrency, which rebounded sharply following a recent announcement from Grayscale Investments, hit a multi-year high and ranked among the top gainers among the 500 largest cryptocurrencies by market capitalization.

ZEN traded as low as $14.55 on December 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidationsThe altcoin price hovered above $26 in early trading during the US trading session.

According to price data from crypto.news, Horizen recorded a 24-hour trading volume of over $397 million, with a market capitalization above $407 million. These metrics reflect increases of 294% and 62%, respectively, over the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.

If the broader crypto market continues to rebound, ZEN bulls could target March 2022 highs near $50.

Positive momentum benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Altcoin prices rose as the digital asset manager unveiled the fund to provide exposure to Horizen to qualified investors.

Earlier this month, Horizen’s native token suffered its last halvingwhich came as the project prepared for a key change in its tokenomics. ZEN will not experience an additional halving, as the new network mechanism allows for a lower emission rate.

Indeed, Horizen is moving away from the proof-of-work mining model that reflected The Bitcoin Halving Cycle to a new proof-of-stake mechanism in 2025. Horizen’s last halving took place on December 12, 2024.

New tokenomics for Horizen will come into effect in the first half of 2025.