Zcash Retreats after Impressive 2023 Surge

Zcash (ZEC) is currently trading at $640, down 5.72% over the past 24 hours. This decline follows a significant rally this year, resulting in a more than 1,700% increase in price over the last 90 days. The coin reached its peak of $736 on November 7 before experiencing momentum-shifting pullback. The recent decline has impacted ZEC’s market capitalization, which dropped to $10.45 billion, a daily drop of 6.5%, and trading volume fell to $2.4 billion, down 38.1%, indicating a decrease in speculative pressure after weeks of strong buying activity.