ZCash Surges 59% Amid Grayscale Trust Launch and Institutional Interest
Zcash [ZEC](https://holder.io/coins/zec/) experienced a 59% price increase on October 2, with a weekly growth of 150% and a 250% rise in market cap. The token reached a three-year high of $153, entering the top 50 crypto list with a market cap of $2.36 billion.
Currently trading at about $146, ZEC's daily trading volumes increased by nearly 300%, according to [CoinMarketCap](https://coinmarketcap.com/currencies/zcash/). This surge follows Grayscale's announcement of the Grayscale Zcash Trust (ZCSH), an institutional-grade product offering exposure to ZEC. Analysts view this as a key growth catalyst for the cryptocurrency.
Zcash is built on Bitcoin's codebase but offers enhanced privacy through zero-knowledge proofs (zk-SNARKs), allowing users to choose transparent or private transactions. While tied to institutional oversight, Zcash maintains support among those valuing decentralization and anonymity.
Technical Analysis
- The MACD remains bullish, suggesting strong momentum.
- Resistance is near $160–$165; breaking this could push ZEC to $200.
- Overbought conditions indicated by trading above the upper Bollinger Band; potential supports are $120 and $100.
Privacy advocates remain optimistic, though analysts warn of possible volatility. Regulatory scrutiny of privacy coins may affect long-term sentiment.
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