The price of Horizen soared over 60% within 24 hours as the cryptocurrency market began to recover from a significant downturn that caused leading altcoins to plummet to crucial support levels.
On December 20, with Bitcoin (BTC) trading above $97k and Ethereum (ETH) bulls managing to push past $3,400, Horizen (ZEN) experienced a price surge, reaching a peak of $26.34. Following a recent announcement from Grayscale Investments, the cryptocurrency saw a sharp rally, hitting a multi-year high and placing it among the top gainers within the top 500 cryptocurrencies by market capitalization.
On December 19, ZEN was trading at lows of $14.55. However, in spite of the greater cryptocurrency crash and the massive $1.4 billion in liquidations, the altcoin maintained a price above $26 during the early trading hours of the U.S. session.
As per crypto.news price data, Horizen experienced a trading volume exceeding $397 million in a 24-hour period, with its market cap surpassing $407 million. These figures represented increases of 294% and 62%, respectively, over the past day. Although ZEN has jumped nearly 200% in the last month, its current price remains over 84% lower than its all-time high of $168, achieved in May 2021.
If the overall cryptocurrency market continues to recover, ZEN bulls might have their sights set on March 2022 highs around $50.
The upward trend has been supported by Grayscale’s launching of the Grayscale ZEN Trust for qualified investors. The altcoin’s prices increased after the digital asset management firm announced the fund to provide exposure to Horizen for select investors.
Earlier this month, Horizen’s native token completed its final halving, coinciding with the project’s preparations for a significant change in its tokenomics. Moving forward, ZEN will not undergo any additional halvings, as the new network mechanism will facilitate a declining emission rate.
Horizen is transitioning from a proof-of-work mining model, which was similar to Bitcoin’s halving cycle, to a new proof-of-stake model set to be implemented in 2025. The most recent halving for Horizen took place on December 12, 2024.
The new tokenomics for Horizen are expected to be enacted in the first half of 2025.
