The global crypto market is experiencing a notable resurgence, rebounding from the recent downward pull. Defying the broader market trend, Zcash is making significant strides to mark massive gains. Despite a marginal 24-hour dip, the token has seen a notable performance over the past week.
Notably, Zcash has outperformed top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, BNB, and Solana (SOL), securing a 14% hike over the past seven days. This article studies the major factors that led to the altcoin’s prevailing bullish sentiment.
Zcash Crypto Sees 14% Hike in 7 Days: Know Why
At press time, Zcash is trading at $41.51, marking a remarkable increase of 14% in a week. Over the past month, the token has surged by a marginal 2%, while it has plummeted by a 4% today.
It is noteworthy that this bullish momentum is further bolstered by the positive traders’ sentiment. Though there is a momentary drop in the 24-hour trading volume, traders and investors are increasingly showing interest in Zcash. With a market cap of $703.65 million, Zcash is ranked 100th on CoinMarketCap.
What is Zcash (ZEC)?
Interestingly, Zcash is a privacy-focused crypto that resembles the pioneer cryptocurrency. However, the altcoin uses zero-knowledge proofs to encrypt transaction details, prioritizing privacy and anonymity.
It has a maximum supply of 21M ZEC, out of which 16.17 million is currently in circulation. The coin currently boasts 11.46k holders, which highlights its massive popularity in the crypto community.
ZEC Outperforms BTC, ETH, and XRP
According to CoinMarketCap, the ZEC coin is one of the top performers, flipping BTC, ETH, XRP, and other major players. While Zcash has seen a notable uptick of 14% over the past seven days, BTC, ETH, and XRP trail behind, marking significant dips or marginal surges.
Bitcoin and XRP saw dips of 3.43% and 1.9%, respectively, over the last week. Though BNB, Solana, and other cryptos experienced a bullish resurgence, they fall behind ZEC in terms of gains.
What are the factors contributing to this price move?
Orchard Pool Transfer Reminder and Network Activity
Notably, the Zcash team released the final call for coinholders to transfer their tokens to the Orchard pool. The investors were also allowed to refresh their notes before the August 21 deadline. The team wrote,
Today is the last day for coinholders to move their ZEC into the Orchard pool or refresh their notes during the registration window, which closes at 5:00 PM Pacific / 8:00 PM Eastern / 12:00 AM UTC.
This development has significantly impacted the platform’s network activity, which skyrocketed as the holders scrambled to qualify, generating new demand for the token.
Shielded Transactions Reach Record Highs
In a recent X post, expert Josh Swihart revealed that Zcash’s shielded transactions have hit a major milestone. On August 13, the community member announced that shielded pools crossed a new threshold of 3.5 million ZEC, with shielded transactions taking the lead over transparent ones.
Is $308 on the Horizon for the ZEC token?
Reportedly, the Zcash token is poised for a continued bullish rally. With its current positive performance and favorable technical analysis, the community remains optimistic about Zcash’s potential bull run.
Crypto expert Javon Marks put forward a bold prediction for the ZEC coin price, pointing out its potential to hit an ambitious $308.461. According to him, the coin has broken past a critical resistance level of $24, hinting at its imminent breakout. If the altcoin surges past this level in accordance with his forecast, Zcash will see a staggering 599% jump.
