Zcash (ZEC) has staged a striking rally despite the turmoil stemming from the failure to pass the CLARITY Act.
The privacy-focused cryptocurrency was trading at roughly $1,250 at the time of writing, according to CoinGlass data. Its market capitalization has climbed to approximately $21 billion.
The performance stands out sharply against the rest of the market.
Bitcoin and most major altcoins came under substantial selling pressure after the Senate failed to invoke cloture on the motion to proceed to the Clarity Act.
Bitcoin subsequently fell toward $76,000. The Ripple-linked XRP token dropped nearly 10% despite reassurances from CTO Stu Alderoty.
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Ethereum, Solana and Dogecoin were also down roughly 5% during the initial market reaction. ZEC itself was briefly caught in the sell-off before dramatically reversing course.
ZEC derivatives activity surges
CoinGlass shows approximately $7.70 billion in ZEC futures trading volume over the past 24 hours. Open interest currently stands at approximately $2.61 billion.
Around $18.07 million worth of ZEC futures positions have also been liquidated over the same 24-hour period, according to CoinGlass.
Despite Wednesday’s sharp rally, ZEC remains slightly down over the past seven days (approximately 0.84%).
That shows just how volatile the cryptocurrency has become after recording enormous gains.
Fresh Zcash development
The latest rally also coincides with positive news surrounding Zcash’s next major network upgrade.
Zcash holders overwhelmingly backed several proposals connected to the upcoming NU7 upgrade.
Nearly 2.4 million eligible ZEC participated in the vote. About 99.9% of participating coins backed Zcash’s target block interval from 75 seconds to 25 seconds.
The proposed shorter block interval would allow transactions to receive confirmations substantially faster. Holders also supported moving ahead with NU7 as quickly as possible.
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