ZCash (ZEC) Euphoria Is Finally Here — Time To Cash In?

ZCash (ZEC) has been one of the highlight performers in the cryptocurrency market over the past few ￰0￱ the general digital asset market has faltered in recent weeks, the privacy-focused cryptocurrency has continued to ascend to new price ￰1￱ the large-cap assets have been waxing and waning in terms of market value, the price of ZCash has been on a tear in the past week, breaking into the list of the top-20 largest cryptocurrencies in the sector. Now, the latest on-chain data suggests that euphoria is setting in the ZEC ￰2￱ Puell Multiple Hits New All-Time High In a November 7 post on social media platform X, Alphractal CEO and founder Joao Wedson revealed that the ZCash market might be overheating after weeks of significant upward price ￰3￱ to the on-chain expert, the sentiment surrounding the coin seems to have finally reached the euphoria ￰4￱ Reading: Most Dangerous Bitcoin Boom Yet?

Ray Dalio Warns Of ‘Stimulus Into A Bubble’ Wedson noted that the group of network participants mostly behind this euphoria is the ZEC ￰5￱ on-chain observation revolves around two primary metrics, including the Puell Multiple and the Hash ￰6￱ context, the Puell Multiple is a metric that correlates the issuance value of an asset to its 365-day moving ￰7￱ metric measures miners’ profitability on an annualized basis, signaling potential market tops or ￰8￱ to the highlighted data from Alphractal, the ZCash Puell Multiple just hit an all-time high, indicating significantly high profitability for the ￰9￱ on-chain signal also suggests that the ZEC price could still have more room for upside movement.

Furthermore, Wedson revealed that the ZCash Hash Rate is on a rapid ascent, meaning that miners are devoting more computational resources to the privacy-focused ￰10￱ seen with the premier cryptocurrency, a rising Hash Rate often coincides with extended price rallies. Ultimately, the increasing Puell Multiple and rising Hash Rate signals strong network fundamentals for ZCash, which suggests that the price growth seen so far is not solely market speculation. What’s Next For ZEC Price? As of this writing, the price of ZCash stands at around $714, reflecting an over 30% jump in the past 24 ￰11￱ action data shows that the ZEC coin is having the second-strongest annual performance in its history, having soared roughly 1,500% in the past ￰12￱ an earlier post on X, Wedson projected an extreme upside of around $1,650 for the price of ￰13￱ the current ZEC price already suggests elevated risk for investors, reaching as high as $1,650 would represent full-on market ￰14￱ Reading: XRP Price To Reach $1,000 By End Of 2025?

Rumor Mills Are On Fire With BlackRock Speculations Featured image from Shutterstock, chart from TradingView