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Horizen price soared more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive drop that saw major altcoins fall to key support levels.
On December 20, when bitcoin (btc) was trading above $97,000 and ethereum (eth) bulls were above $3,400, the price of Horizen (ZEN) rose to highs of $26.34. The cryptocurrency, which rebounded sharply following a recent announcement by Grayscale Investments, hit a multi-year high and was among the biggest gainers among the 500 largest cryptocurrencies by market capitalization.
ZEN traded at lows of $14.55 on December 19. However, despite the broader cryptocurrency decline and staggering $1.4 billion liquidations, the altcoin price remained above $26 in early trade of the US trading session.
According to price data from crypto.news, Horizen recorded a 24-hour trading volume of over $397 million, with a market cap of over $407 million. These metrics reflected increases of 294% and 62%, respectively, in the last 24 hours. While ZEN has risen nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.
If the broader crypto market continues to recover, ZEN bulls can aim for March 2022 highs near $50.
The positive momentum has benefited from grayscale. <a target="_blank" rel="nofollow" href="https://x.com/Grayscale/status/1868750596108697693″ target=”_blank”>opening of the Grayscale ZEN Trust to qualified investors. Altcoin prices surged as the digital asset manager unveiled the fund to offer exposure to Horizen to qualified investors.
Earlier this month, Horizen's native token suffered its final reduction by halfwhich occurred as the project was preparing for a key change in its symbolic economy. ZEN will not see any more halvings as the new network mechanism allows for a decreasing issuance rate.
This is because Horizen is moving from the proof-of-work mining model that mirrored bitcoin's halving cycle to a new proof-of-stake mechanism in 2025. Horizen's last halving occurred on December 12. December 2024.
The new tokenomics for Horizen will go into effect in the first half of 2025.
