Zcash rallies 15% as traders pull tokens to shielded pools
ZCASH was one of the best winners during the last market rally, reaching a summit of $ 35.69 while the traders moved a record amount of token out of traffic.
With cryptographic markets that see a slight recovery, ZCASH (ZEC) has become one of the best performers. On Tuesday, April 8, the token increased by 15% to a daily summit of $ 35.69 before stabilizing at $ 34.49. The rally coincided with the brief move of Bitcoin over $ 80,000, before it fell to $ 77,422.
Channel metrics also suggest growing trafficking in the privacy token. Just a day before, the ZCASH has armored the increasing supply pool, reaching a top of all time on Monday, April 7, almost 2.9 million ZEC. According to the ZCASH website, from April 8, the figure is at 2.54 millionrepresenting 15.9% of all food in circulation.
ZCASH sees a record amount of tokens out of traffic
The armored supply refers to the number of tokens held in Z-Address. Unlike other types of blockchain wallets, these addresses obscure both the offer and the transaction management to guarantee confidentiality. The armored offer is often considered a long -term confidence indicator in the network.
In particular, most centralized exchanges do not support trading with Z addresses due to the fight against money laundering and know the compliance of your customer. This means that these tokens are actually removed from the supply in circulation, creating a rarity on the free market, which can support higher prices.
The recorded armored offer also indicates an increased adoption of ZCASH’s confidentiality features. Like Monero, Zcash occurs as a privacy token, allowing fully anonymous chain transactions.
However, this characteristic drew the attention of regulators, who are skeptical of these tokens due to the concerns of LMA and KYC. In particular, in 2022, the American Department of Internal Security suggested that they are Development techniques To follow the transfers on these blockchains.
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