Zcash Soars 130% in a Month, Breaking All Records
Zcash disrupts the established order. In the midst of a crypto storm, the privacy token climbed 130% in one year. It even surpasses Monero. According to some analysts, a technical strategy is forming behind the hype. More details in the paragraphs below!
In brief
- Zcash surpasses Monero thanks to a 130% increase, becoming the leading privacy crypto.
- The breaking of an 8-year downtrend fuels euphoria and attracts crypto investors.
Zcash surpasses Monero and challenges the crypto market
Zcash (ZEC) now establishes itself as the most valued privacy crypto asset. It reached a market capitalization of 6.2 billion dollars. Added to this is a 45% increase over the week, with a peak at $388.
This surge occurs in a generally bearish environment. This is especially marked by disappointment linked to the failure of the trade deal between the United States and China.
The catalyst for the crypto rally? A statement from Arthur Hayes. The BitMEX co-founder indeed sets a target of $10,000 for ZEC. The prediction triggered a speculative rush. Within hours, Zcash’s value rose from $272 to $355.
At the same time, the number of holders of this crypto asset exploded by 63%. However, some major holders unloaded their bags with $702,000 of net sales observed.
A disruptive token: technical development and chart signal
Beyond the announcement effect, Zcash sends a strong technical signal. For the first time since 2017, ZEC breaks a long-term downtrend against bitcoin on a monthly logarithmic chart. This breakout could mark the beginning of a new bullish phase for the crypto.
Technically, the Zcash protocol is also progressing. The removal of the trusted setup thanks to the Orchard pool indeed strengthens the credibility of this crypto asset in terms of privacy. The shielding mechanism allows users to make funds untraceable when they remain within the private ecosystem.
Moreover, the renewed interest is also illustrated on Google Trends. The term “privacy coins” reaches a record level of searches. A trend that some crypto analysts interpret as a response to increased surveillance and growing regulatory requirements.
Zcash therefore not only makes a comeback. It also redefines the codes of a crypto segment in search of identity. The story may just be beginning!
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.