Zcash (ZEC) Skyrockets to a 7-Year High: Can It Reach $1,000?

ZEC is now the second largest cryptocurrency with a market capitalization of just under $9 billion.

The popular privacy coin has been causing quite a stir lately, with its price rising by 260% over the past month.

Some industry participants have made significant profits (at least on paper) by investing in the token, while others believe it has more room for growth.

Upcoming goals

Zcash (ZEC) has been unstoppable in the past few months and is currently trading at around $546, the highest it has reached since the beginning of 2018. Its market capitalization has risen to over $8.8 billion, making it the 22nd largest cryptocurrency and volatility of well-known altcoins such as Stellar (XLM), Sui (SUI), Hedera (HBAR), Litecoin (LTC), and many others. More.

Grayscale appears to be the main driver behind ZEC’s rise. Last month, the leading digital asset manager reminder Grayscale Zcash Trust is open for private placement to qualified accredited investors, describing the cryptocurrency as similar to Bitcoin in design but using privacy technology that allows users to protect their assets.

Soon after, that Highlight ZEC again, while saying the Trust is the only US-listed fund that provides exposure to the privacy coin through certain brokerage accounts.

Now that ZEC is on a tear, Crypto X is full of analysts calling for even bigger gains. Username EliZ He believes The asset diagram should be used as an “example for educational purposes”.

In their view, ZEC was on a “very clear” and “healthy” trend as the price continues to follow the sloping line: “Every time it goes back above it, buyers arrive and the upward movement resumes.” The analyst did not specify an exact price forecast, but predicted that as long as the trend line is respected, the uptrend will remain intact.

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Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX, also participated. imagine Go up to $1000. Last month, he was more optimistic, session A ridiculous goal (at least so far) is $10,000.

FOMO worked this time

The ZEC price explosion has been extremely beneficial for investors who have decided to jump on the bandwagon. Loconchine open The case of a trader who opened a long position due to FOMO (fear of missing out) and made an unrealized profit of about $2.7 million.

Multiple

“Watching new portfolios move this way highlights how momentum and psychology drive price. Smart risk management would reap profits now, but greed is tempting,” Joe X User male.