Zcash Surges 50%, Reaches 4.5M Shielded ZEC Amid Growing Demand
Zcash (ZEC) has surged over 50% in the past week, surpassing $350 and reviving discussions about its potential return to the top 20 digital assets by market capitalization.
Zcash’s Shielded Supply Milestone
- 4.5 million ZEC are now stored in shielded addresses, approximately 28% of the total supply.
- Shielded pools utilize zero-knowledge proof technology (zk-SNARKs) for private transactions.
- Increased trust in ZEC's privacy features is evident as wallets and exchanges support shielded transactions.
- Growth in shielded adoption enhances Zcash's financial confidentiality mission.
Technical Indicators Suggest Further Growth
- Daily trading volume exceeded $730 million, with RSI at 71.8 indicating strong buying pressure.
- The token's structure shows higher highs and lows, suggesting a strong uptrend.
- Resistance expected near $370–$400; potential breakout could lead to $450–$500 range.
- Arthur Hayes predicts ZEC could reach $1,000 as interest in privacy assets grows.
- Grayscale’s Zcash Trust now holds over $137 million in assets, hinting at institutional interest.
Renewed Interest in Privacy Tokens
- Zcash's rise aligns with increased focus on privacy tokens like Monero (XMR).
- Increased regulatory scrutiny drives renewed interest in privacy-focused assets.
- If ZEC maintains momentum and breaks $400, it may re-enter the top 20 cryptos by market cap.