ZCash ends multi-year slump with breakout above $370

ZCash (ZEC) continued its rally, breaking above $370 on ￰0￱ coin already erased years of downtrend, returning to its valuations from 2018 and expecting an even bigger ￰1￱ (ZEC) is in focus again, remaining among the day’s growing ￰2￱ coin broke above $370 for the first time since 2018, on trading volumes above $1.6B. It’s now ranked 35th in terms of market capitalization, after starting out outside the top ￰3￱ is expected to continue growing, returning as a blue-chip ￰4￱ of the bullish predictions see four-digit prices in early ￰5￱ coin is a breakaway trend, independent of the weakening interest in other ￰6￱ seeks a higher price range The recent ZEC rally has not stalled, instead going vertical to a new price ￰7￱ coin has erased its previous downward trend in fiat ￰8￱ its launch, ZEC has lost most of its value against ￰9￱ the past year, ZEC also rose by nearly 500% in BTC terms, up to 0.002 ￰10￱ long-term holders may have taken losses on ZEC, newer users and investors are among the most successful for ￰11￱ open interest is still in the higher range at over $375M, though much lower compared to blue-chip ￰12￱ on ZEC rely mostly on Binance, with Hyperliquid rallying to the second spot.

Overall, privacy coins and tokens rallied to a valuation of $14.8B, still dominated by Monero (XMR) and ￰13￱ the ZEC rally, XMR also recovered to $348.13. Older privacy coins like DASH and Decred recovered, but Railgun (RAIL) failed to rise on the Ethereum privacy narrative. LTC, often grouped with privacy coins, recovered above $100. Is the ZEC rally sustainable?

The current ZEC rally followed a recent short squeeze, as traders are betting on a ￰14￱ 64% of open interest was on short ￰15￱ Hyperliquid, whales are more bullish, with just 48% shorting ￰16￱ ZEC, liquidity is available all the way to $380, though most of the positions were either closed or ￰17￱ to $5.92M in short liquidations happened on Binance in the past 24 ￰18￱ ZEC rally is driven by the general trend of using veiled coins through Near Protocol . A total of 4.89M ZEC have been deposited to shielded pools , meaning it is improbable they get sold on exchanges. Currently, ZEC has a small spot market, and an active derivative market, leading to significant price ￰19￱ the ZCash community has grown more active on social media, the ZEC rally is viewed with some ￰20￱ has a relatively low mindshare of 0.5%, but interest in the project has grown by over 2,200% recently, based on Messari ￰21￱ mindshare grew exponentially in the past few weeks, on a mix of price hype and community growth. |