Zcash (ZEC) surged more than 30% yesterday, clinching the title as the day's top gainer. The rally was sparked by news that Multicoin, a venture capital firm specializing in crypto, has been padding its Zcash holdings for the past three months.
Multicoin's Bet on Zcash
Tushar Jain, co-founder and managing partner of Multicoin, announced the firm's investment in Zcash on May 5. The news sent ripples through the market, leading to a significant surge in Zcash's value. Investors responded favorably to the vote of confidence from the well-respected crypto investment firm.
Zcash Leaps Ahead
The major crypto coin's substantial uptick ensured its place at the top of the day's gainers. The positive market response underscores the impact that institutional investment can have on the crypto market.
