Horizen Spikes 60% to Lead Gainers Amid Crypto Market Recovery

On December 20, Horizen (ZEN) saw a dramatic 60% price spike in just 24 hours, making it one of the top gainers in the cryptocurrency market as the broader market rebounded from a sharp sell-off. Bitcoin (BTC) and Ethereum (ETH) also experienced notable gains, with Bitcoin rising above $97,000 and Ethereum pushing past $3,400.

Horizen’s price surge brought it to a high of $26.34, marking a multi-year peak for the cryptocurrency. Just the day before, on December 19, the price of ZEN had been as low as $14.55, making the 60% gain even more significant. Despite the overall downturn in the market, which saw top altcoins crashing to key support levels and a massive $1.4 billion in liquidations, Horizen managed to hold its ground and continue climbing.

During the U.S. trading session, the altcoin’s price remained above $26, with trading volume exceeding $397 million and its market cap surpassing $407 million. These figures reflected a massive 294% increase in trading volume and a 62% boost in market cap within just 24 hours. Over the past month, Horizen has surged nearly 200%, but its current price remains more than 84% below its all-time high of $168, which was reached in May 2021.

Should the broader cryptocurrency market continue to recover, ZEN’s bullish momentum could push it toward the March 2022 highs around $50. This positive price movement has been fueled in part by a significant development for Horizen—Grayscale Investments recently launched the Grayscale ZEN Trust, which offers qualified investors exposure to the Horizen ecosystem. This move by the digital asset manager has contributed to increased investor interest and a positive outlook for the cryptocurrency.

The surge in Horizen’s price also coincides with the completion of its final halving event earlier this month. On December 12, 2024, Horizen’s mining process underwent its last halving, as the project prepares for a major shift in its tokenomics. The halving is significant as Horizen transitions from a Proof of Work (PoW) mining model to a Proof of Stake (PoS) mechanism in 2025, which will change the network’s emission rate and mining structure. The halving event and the transition to PoS represent a key milestone in the project’s evolution, signaling a reduction in new token emissions and further adjustments to its economic model.

With the new tokenomics set to take effect in the first half of 2025, Horizen’s focus will be on increasing efficiency and scalability, which could attract more investors as the ecosystem continues to grow. For now, the excitement surrounding Horizen’s price surge, coupled with the changes in its network, has contributed to renewed optimism about its future prospects in the cryptocurrency space.