Here’s Why The ZCash (ZEC) Price Rallied Above $500 Again
The Zcash (ZEC) price has rallied above the psychological $500 stage, offering a bullish outlook for the privacy-focused token. This comes amid a notable surge in whale accumulation and derivatives exercise amongst crypto merchants.
Why Zcash (ZEC) Price Rallied Above $500 Despite Crypto Market Decline
CoinMarketCap data present that the Zcash (ZEC) worth has rallied above $500 once more, up over 20% within the final week. This comes regardless of the crypto market downtrend, with Bitcoin buying and selling in a decent vary just under the psychological $90,000 stage. The ZEC surge above $500 comes amid a big enhance in whale accumulation, which has contributed to this worth surge.
Nansen data present a 47% enhance in ZEC whale holdings, with the highest 100 addresses now holding 66% of the token’s whole provide. This has possible created a provide shock, sparking an increase within the Zcash (ZEC) worth. Notably, there was a 55.36% drop within the supply held by exchanges, additional highlighting the buildup development, with traders possible shifting their cash off-exchanges for long-term holding.
On-chain analytics platform Lookonchain additionally highlighted the accumulation trend amongst these whales. In an X post, Lookchain revealed two newly created wallets that withdrew 26,241 ZEC ($13.5 million) from Binance. In another post, the on-chain analytics platform revealed that one other whale withdrew 7,714 ZEC ($4.12 million) from Kraken. Lookonchain had also drawn consideration to a whale that withdrew 30,000 ZEC ($13.25 million) from Binance final week.
Activity within the derivatives market has additionally contributed to the Zcash (ZEC) worth rally above $500. CoinGlass data present a rise within the altcoin’s open curiosity, indicating that merchants are rising their positions. Most of those merchants are at the moment lengthy with the lengthy/quick ratio above 1.
This restoration marks a constructive for the privacy token, which had dropped to as little as $310 earlier this month. ZEC is notably the best-performing crypto among the many high tokens with a year-to-date (YTD) achieve of round 800%.
‘Next Stop Is $1,000’
BitMEX co-founder Arthur Hayes declared in an X post that the following cease for the Zcash (ZEC) worth is $1,000 following its restoration above $500. This represents a possible 100% achieve from its present worth stage. The BitMEX co-founder has been bullish on the privateness token for a while now, predicting it might finally attain $10,000.
Meanwhile, Zcash’s co-founder Eli Ben-Sasson suggested that the Zcash (ZEC) worth will proceed to rally due to its good product, shortage, and regulatory ambiance. He famous that privateness is now well known as essential in crypto. As such, the privacy narrative is anticipated to maintain fueling this worth surge.
At the time of writing, the Zcash (ZEC) worth is buying and selling at round $536, up over 3% within the final 24 hours, in response to data from CoinMarketCap.
