As a seasoned cryptocurrency researcher with years of experience navigating the volatile and unpredictable world of digital assets, I must admit that the recent surge in Horizen (ZEN) has caught my attention. Having witnessed numerous market cycles, I’ve learned to never underestimate the power of investor sentiment and strategic partnerships, both of which seem to be playing a significant role in ZEN’s current rally.
In just 24 hours, the price of Horizen surged over 60%, indicating a strong rebound, as the broader crypto market attempted to regain its footing following a significant sell-off that pushed many altcoins down to crucial support zones.
On December 20th, as Bitcoin (BTC) soared past $97k and Ethereum (ETH) saw its bulls break through $3,400, Horizen (ZEN) experienced a significant increase in price, reaching an impressive peak of $26.34. This cryptocurrency saw a sharp rise following a recent announcement by Grayscale Investments, hitting a high not seen for several years and making it one of the top performers among the 500 largest cryptocurrencies based on market capitalization.
On December 19th, ZEN reached its lowest point at $14.55. Yet, despite the widespread crypto market downturn and a massive $1.4 billion worth of liquidations, the altcoin’s price remained above $26 during initial trades within the U.S. trading session.
As per crypto.news’s latest updates, Horizen’s trading volume for the last 24 hours exceeded $397 million, pushing its market capitalization over $407 million. Remarkably, these figures represent growth of 294% and 62% respectively in the past day. Over the past month, ZEN has soared by almost 200%, but it remains 84% below its all-time high of $168 achieved in May 2021.
If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50.
The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.
This month marked the last halving of Horizen’s native token, signifying a significant shift in its tokenomic structure as the project prepared for a major transformation. From now on, ZEN tokens will no longer experience additional halvings due to the updated network mechanism that allows for a gradually decreasing emission rate.
Horizen will transition from a mining model similar to Bitcoin’s periodic halving events, which last happened on Dec. 12, 2024, to a new proof of stake system in 2025. This change is why the network operates as it does now.
New tokenomics for Horizen will come into effect in the first half of 2025.
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2024-12-20 19:54