Horizen Surges 60% to Top Gainers as BTC and ETH Rebound
The price of Horizen (ZEN) spiked more than 60% within 24 hours as the cryptocurrency market aimed to recover from a significant downturn that saw top altcoins plummet to key support levels.
On December 20, as Bitcoin (BTC) traded above $97,000 and Ethereum (ETH) bulls pushed past $3,400, the price of Horizen surged to a high of $26.34. The cryptocurrency, which had rallied sharply following a recent announcement from Grayscale Investments, reached a multi-year high and ranked among the top gainers among the 500 largest cryptocurrencies by market capitalization.
ZEN had traded at a low of $14.55 on December 19. However, despite the broader crypto crash and the staggering $1.4 billion in liquidations, the altcoin’s price remained above $26 during early trading in the U.S. session.
According to price data from cryptopeas.com, Horizen recorded a 24-hour trading volume exceeding $397 million, with its market capitalization surpassing $407 million. These figures represented increases of 294% and 62%, respectively, over the past 24 hours. While ZEN has surged nearly 200% over the past month, its current price remains more than 84% below the all-time high of $168 reached in May 2021.
If the broader crypto market continues its recovery, ZEN bulls may target highs near $50, which were last seen in March 2022.
This positive momentum has been supported by Grayscale’s opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose after the digital asset manager unveiled the fund to offer exposure to Horizen for eligible investors.
Earlier this month, Horizen’s native token underwent its final halving, which came as the project prepared for a significant change in its tokenomics. ZEN will not undergo any further halvings as the new network mechanism introduces a declining emission rate.
This change is part of Horizen’s shift from the proof of work (PoW) mining model, which mirrored Bitcoin’s halving cycle, to a new proof of stake (PoS) mechanism set to take effect in 2025. Horizen’s last halving occurred on December 12, 2024.
The new tokenomics for Horizen will be implemented in the first half of 2025.
