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Horizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels.
On Dec. 20, as Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>) traded to above $97k and Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>) bulls pushed above $3,400, the price of Horizen (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/horizen/">ZEN</a>) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap.
ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoins-sub-100k-fall-triggered-1-4b-in-liquidations/">staggering $1.4 billion liquidations</a>, the altcoin’s price hovered above $26 in early trading during the U.S. trading session.
According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged 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 rebound, ZEN bulls may aim for March 2022 highs near $50.
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The positive momentum has benefited from Grayscale <a rel="noopener noreferrer nofollow" href="https://x.com/Grayscale/status/1868750596108697693" target="_blank">opening</a> of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.
Earlier this month, Horizen’s native token <a href="https://mirror.xyz/0xF4D306be0E45E78bfE29588Bd018fe9CE405a62d/Uwz7wyFLPWBj6cQZHfXHNwPuA-wI7Nm4KjTlWugM0EU" target="_blank" rel="noopener noreferrer nofollow">underwent its final halving</a>, which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate.
That’s because Horizen, is shifting from the proof of work mining model that mirrored <a rel="noopener noreferrer nofollow" href="https://crypto.news/5-important-facts-about-the-bitcoin-halving/">Bitcoin’s halving cycle</a> to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024.
New tokenomics for Horizen will come into effect in the first half of 2025.
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Horizen spikes 60% to lead gainers as BTC, ETH bounce

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