The price of Horizen skyrocketed over 60% within 24 hours as the cryptocurrency market attempted to bounce back from a significant sell-off that led to major altcoins dropping to critical support levels.

On December 20, with Bitcoin (BTC) trading above $97k and Ethereum (ETH) bulls pushing past $3,400, Horizen (ZEN) surged to a peak of $26.34. This cryptocurrency experienced a substantial rally following a recent announcement from Grayscale Investments, achieving a multi-year high and ranking among the top gainers in the 500 largest cryptocurrencies based on market capitalization.

ZEN had dipped to a low of $14.55 on December 19. Despite the significant downturn in the broader crypto market and the massive $1.4 billion in liquidations, the altcoin maintained a price above $26 during early trading in the U.S. session.

As per crypto.news price data, Horizen recorded a trading volume of over $397 million over the last 24 hours, with its market cap surpassing $407 million. These figures represent increases of 294% and 62%, respectively, in the past day. While ZEN has risen nearly 200% over the last month, its current value still remains more than 84% below its all-time high of $168 achieved in May 2021.

If the overall crypto market continues to rally, ZEN bulls might target the March 2022 highs around $50.

The bullish momentum has been boosted by Grayscale’s launch of the Grayscale ZEN Trust for qualified investors. The price of the altcoin climbed as the digital asset manager introduced the fund to provide exposure to Horizen for eligible investors.

Earlier this month, Horizen’s native token completed its final halving, occurring as the project prepared for a significant change in its tokenomics. ZEN will no longer undergo any additional halvings since the new network mechanism allows for a decreasing emission rate.

This change is a result of Horizen transitioning from a proof of work mining model, which resembled Bitcoin’s halving cycle, to a new proof of stake mechanism projected for 2025. The most recent halving for Horizen took place on December 12, 2024.

The new tokenomics for Horizen will be implemented in the first half of 2025.