DailySun
The price of Horizen surged by over 60% within 24 hours as the cryptocurrency market attempted to bounce back from a significant sell-off that caused leading altcoins to plummet to crucial support levels.
On December 20, while Bitcoin (BTC) traded above $97,000 and Ethereum (ETH) bulls drove the price above $3,400, Horizen (ZEN) soared to a peak of $26.34. This cryptocurrency experienced a steep rally following a recent announcement from Grayscale Investments, achieving a multi-year high and securing a spot among the top gainers within the 500 largest cryptocurrencies by market capitalization.
ZEN had dipped to $14.55 on December 19. Nevertheless, in spite of the widespread crypto downturn and the dramatic $1.4 billion in liquidations, the altcoin’s price remained above $26 during early trading in the U.S. session.
As reported by crypto.news, Horizen boasted a 24-hour trading volume that topped $397 million, with a market capitalization exceeding $407 million. These figures indicated increases of 294% and 62%, respectively, over the past 24 hours. Although ZEN has climbed nearly 200% in the last month, its current price is still over 84% lower than the all-time high of $168 reached in May 2021.
If the overall cryptocurrency market continues its recovery, ZEN bulls might target the March 2022 highs around $50.
The positive trend has been supported by Grayscale launching the Grayscale ZEN Trust for eligible investors. The price of the altcoin increased as the digital asset manager introduced the fund to provide exposure to Horizen for qualified investors.
Earlier this month, Horizen’s native token completed its final halving, coinciding with the project’s preparation for a significant change in its tokenomics. ZEN will not undergo any additional halvings as the new network framework paves the way for a decreasing emission rate.
This transition is taking place as Horizen moves away from the proof-of-work mining model, which resembled Bitcoin’s halving cycle, to a new proof-of-stake mechanism set to be implemented in 2025. The last halving for Horizen occurred on December 12, 2024.
The new tokenomics for Horizen are expected to come into effect in the first half of 2025.
