Zcash jumps 23% as bitcoin and major tokens rise despite Fed’s first hike since 2023

ZEC traded near $1,369, while bitcoin edged up less than 1% to about $76,258. Solana gained nearly 3% to just below $100. BNB and HYPE, the token of crypto trading platform Hyperliquid, added more than 2%, while ether, XRP and dogecoin rose between 1% and 2%.

ZEC’s surge coincided with comments from Matt Huang, co-founder of prominent crypto investment firm Paradigm, who discussed its role as a privacy complement to bitcoin and disclosed that his firm owns ZEC, per an X post .

Zcash lets users send money without publicly revealing who paid whom or how much. Its holders recently backed proposals to make payments faster while keeping scheduled cuts to the creation of new coins, a feature it shares with bitcoin.