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

Author: Content Editor
Horizen spikes 60% to lead gainers as BTC, ETH bounce
The price of Horizen (ZEN) surged over 60% in 24 hours amidst a recovery in the cryptocurrency market following a significant drop. This spike occurred after a recent announcement from Grayscale Investments and pushed the price of ZEN to a multi-year high of $26.34. Despite the broader crypto crash and liquidations totaling $1.4 billion, ZEN remained above $26. The altcoin experienced a 294% increase in trading volume and a 62% increase in market cap in the past 24 hours. Although ZEN has seen a 200% surge in the past month, it is still 84% below its all-time high of $168. If the overall crypto market continues to rebound, ZEN could aim for highs of around $50 in March 2022. The positive momentum for ZEN can be attributed to Grayscale opening the Grayscale ZEN Trust to qualified investors. Furthermore, Horizen recently underwent its final halving as it prepares to transition from a proof-of-work mining model to a proof-of-stake mechanism in 2025. The new tokenomics for Horizen will be implemented in the first half of 2025.

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