Zcash Leads Major Cryptos with 10% Gain as Bitcoin Holds Near $87,000

Zcash leads major cryptos — Zcash (ZEC) surged 10% to lead gains among major cryptocurrencies on Wednesday, while Bitcoin held steady near $87,000 as a U.S. bill to create a Strategic Bitcoin Reserve advanced.

The privacy-focused token ZEC climbed to over $1,616, marking the largest gain among top digital assets. Bitcoin (BTC) traded near $86,900, up 1% over 24 hours, with other major tokens like XRP and Dogecoin also posting gains of 4-6%.

Analysts pointed to positive regulatory developments as a catalyst for the upbeat market tone. The U.S. House Financial Services Committee approved a bill that would establish a permanent Strategic Bitcoin Reserve for the federal government, marking the furthest such legislation has progressed in Congress.

Additionally, the Securities and Exchange Commission granted an exemption allowing onchain trading of tokenized U.S. stocks. The broader financial backdrop also supported risk assets, with bonds rallying as falling oil prices eased inflation concerns.