Zcash Surges Past 2021 Highs: 30 Days, Triple-Digit Gains, $372 Peak
After a 30-day triple-digit rise, Zcash has soared over its 2021 peak, propelled by the combination of renewed interest in privacy and speculation. In only one month, it has risen from a low of $54 to over $372, making it one of the market’s best performers. That is 11.5% more than the closing price of $319 on May 8, 2021. According to CoinMarketCap data, the asset is still down 94.07% from its peak of $5,941, which was reached almost nine years ago.
Zcash Price Surge Fueled by Halving and Privacy Coin Buzz
A confluence of factors, including the impending November halving and resurgence of interest in privacy coins due to growing concerns about surveillance, is responsible for Zcash‘s ascent. It is anticipated that on November 18, the miner’s block reward would be cut in half, from 3.125 to 1.5625 ZEC. Shivam Thakral, CEO of BuyUCoin, also claims that Arthur Hayes’ viral $10,000 price call has increased interest.
Analyst Warns: ZEC Growth Still Speculation-Driven
Furthermore, the ZEC token‘s upward trajectory in the second half of this month has been aided by Grayscale’s decision to permit qualified investors to purchase the token. As international legislation tightens and discussions about digital surveillance intensify, privacy is once again a top priority, Thakral continued.
Zcash, despite being an older coin, offers a clear, simple privacy narrative, and with its halving near, traders found an easy, liquid way to express that theme.
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The increase, however, seems to be more motivated by speculation than by actual growth, Thakral warned. He pointed to a little rise in protected transactions as proof. The response of miners and investors after the halving will determine the next leg. The ability of the privacy narrative to support actual user growth beyond speculative conjecture and cause a sell-the-news reversal is another factor, according to Thakral.
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