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▲ Zcash (ZEC) / ChatGPT Generated Image
Zcash (ZEC), driven by its recent 24-hour surge and a 65% weekly jump, has surpassed Cardano (ADA) to claim the 11th spot in market capitalization. The privacy coin Zcash highlighted its short-term bullish trend by pushing Cardano out in the overall market ranking competition.
U.Today reported on May 10, citing CoinMarketCap data, that Zcash recorded a weekly increase of 65%. This surge brought Zcash's market capitalization to $9.824 billion, while Cardano remained in 12th place with $9.810 billion.
The market capitalization difference between the two assets is merely $14 million. Therefore, whether Zcash will maintain its 11th position or Cardano will reclaim its rank may depend on future trading trends.
The background to Zcash's strength is attributed to Multicoin Capital's disclosure of its position. Multicoin Capital stated that it has been building a large position in Zcash since February, explaining that Zcash's shielded transactions can provide security features amidst growing government efforts to audit and tax visible cryptocurrency holdings.
This change in ranking is interpreted as a resurgence of market interest in privacy coins, beyond a simple price increase. Zcash has continued its upward trend over the past month, and this recent surge has placed it in direct competition with Cardano among major cryptocurrencies.
Given that the market capitalization gap between Zcash and Cardano is not large, the ranking competition for the 11th spot is likely to continue for some time. U.Today noted that it remains to be seen whether Cardano will regain the lead or if Zcash will relinquish its 11th position in future trading sessions.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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