Zcash is shaking up the established order. In the midst of a crypto storm, the private token has climbed 130% in one year. It even surpasses Monero. According to some analysts, a technical strategy is emerging behind the hype. More details in the paragraphs that follow!
In brief
- Zcash overtakes Monero thanks to a 130% increase, becoming the first confidential crypto.
- Breaking an 8-year downtrend fuels euphoria and attracts crypto investors.
Zcash passes Monero and challenges the crypto market
Zcash (ZEC) stands out today as the most valuable confidential crypto asset. It reached a capitalization of $6.2 billion. Added to this is an increase of 45% over the week, with a peak at $388.
This surge occurs in a generally bearish climate. The latter is especially marked by the disappointment linked to the failure of the trade agreement between the United States and China.
The catalyst for the crypto rally? A statement from Arthur Hayes. BitMEX co-founder sets indeed a goal of $10,000 for ZEC. The prediction sparked a speculative rush. In just a few hours, the value of Zcash increased from $272 to $355.
At the same time, the number of holders of this crypto-asset exploded by 63%. On the other hand, some large carriers unloaded their bags with $702,000 in net sales observed.
A disrupted token: technical evolution and graphic signal
Beyond the announcement effect, Zcash sends a strong technical signal. For the first time since 2017, ZEC breaks a long-term downward trend against bitcoin on a monthly logarithmic chart. This break could mark the entry into 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 reinforces the credibility of this crypto asset in terms of confidentiality. The shielding mechanism allows users to make funds untraceable when they remain in the private ecosystem.
Moreover, the renewed interest is also illustrated on Google Trends. The term “privacy coins” reaches a record level of research. A trend that some crypto analysts interpret as a response to increased scrutiny and growing regulatory requirements.
Zcash is therefore not just 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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