ZCash Surges 20%, Enters Top 25 Cryptocurrencies by Market Cap
- ZEC surged over 20% in the past 24 hours, adding $1 billion to its market cap and entering the top 25 cryptocurrencies.
- ZEC is trading at $354, the highest level in nearly four years.
- The rally was sparked by a post from BitMEX co-founder Arthur Hayes, suggesting ZEC could reach $10,000, resulting in a 250% increase in trading volume to $1.6 billion.
- Zcash remains 93% below its 2016 all-time high of $5,941, but increased interest in privacy coins and upcoming upgrades have boosted confidence.
- On-chain data indicates a surge in shielded transaction volumes, and upcoming updates like Network Update 6.1 aim to improve interoperability and scalability.
- Zcash's integration into THORSwap's DeFi ecosystem has enhanced its accessibility.
- Technical indicators show a bullish trend with the RSI indicating overbought conditions, suggesting potential corrections.
- If momentum continues, ZEC might target resistance near $420; key support is around the $250 level.
