Zcash Surges to $171.84 as Privacy Coin Demand Soars
Zcash, the privacy-focused cryptocurrency, is currently trading at $171.84, boasting a market cap of $2.8 billion. This surge follows a significant increase in interest and focus around the coin.
Grayscale's Zcash Trust has gathered approximately $46 million in ZEC since its launch in early October. Although the exact amount collected since then is not specified, this figure indicates a substantial activity in the coin.
Zcash network activity is flourishing, with over 12,000 iOS wallet downloads and a 15.5% month-over-month increase in shielded transactions. This growth reflects the rising demand for privacy-focused cryptocurrencies. Derivatives volume and open interest have also seen a notable increase, by 75% and 54% respectively, suggesting a boost in trading activity.
Zcash's price has skyrocketed, rising 31% in 24 hours and an impressive 244% this month. However, the Relative Strength Index (RSI) above 73 hints at short-term exhaustion, despite the strong uptrend. The chart shows signs of overbought signals, indicating a possible cooling-off period before another rally.
Zcash's rally is part of a broader comeback for privacy-focused coins, driven by increased interest in anonymous transactions. While a failure to hold $165 could lead to a correction toward $150-$155, a clear break above $180 could pave the way for Zcash to reach $200. Despite short-term exhaustion, the long-term outlook for Zcash appears promising.
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