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Zcash Climbs to 9th by Market Cap, Up Nearly 20% in 24 Hours to the $1,380 Range
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The cryptocurrency Zcash (ZEC) surged, rising to 9th place in the market cap rankings. According to CoinMarketCap on September 17, ZEC climbed nearly 20% over the past 24 hours, briefly reaching the $1,380 range, and its market cap expanded to around $23 billion, overtaking Hyperliquid (HYPE, market cap about $20 billion). On the previous day, the 16th, the U.S. Senate rejected a procedural vote to begin consideration of the Clarity Act, which would define the market structure for crypto assets, triggering a broad unwinding of bullish positions; according to CoinDesk, forced liquidations of futures exceeded $570 million in 24 hours, and while major coins such as Bitcoin and XRP all weakened, ZEC alone bucked the trend with a sharp gain. Behind the rise was a vote held by the Zcash community from late August through September 14, in which proposals including one to drastically shorten the time required to approve transactions, the block generation interval, from 75 seconds to 25 seconds, were approved by a large majority, and a plan to maintain Bitcoin-style halvings that progressively cut issuance in half also drew broad support. The vote used a mechanism that preserves anonymity, tallying votes without revealing to outsiders who voted with how much weight, and the results were finalized on the 14th, strengthening buying in ZEC. According to on-chain analysis firm Glassnode, the market cap of the privacy sector grew from $7.1 billion to $33.6 billion over the past year, and ZEC, at its center, posted a gain of 2,496% over the past year.