Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume,

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As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I must say that the recent surge of ZEC has caught my attention. Having witnessed several market cycles and observing the ebb and flow of privacy-focused tokens, I can confidently say that the current rally is reminiscent of a bull run.

In just the last day, Zcash’s native token, ZEC, has experienced a significant increase of approximately 23%. This makes it the cryptocurrency market’s highest performing coin. Interestingly, it outshone heavyweights like Bitcoin and Ethereum, with Bitcoin rising by only 1% and Ethereum seeing a 3% growth, within the same timeframe.

Currently trading at a two-year high of $56.93, ZEC appears poised for further growth. Here’s why.

Zcash Rallies, Thanks to Tornado Cash

The significant increase of 10% or more in ZEC’s value follows a general upward trend observed in the prices of privacy-focused cryptocurrencies during the last 24 hours. This surge is attributed to a major decision made by a United States federal appeals court.

In simpler terms, the court overturned financial restrictions imposed by the U.S. Treasury Department on Tornado Cash, a cryptocurrency blending platform. This platform was earlier under scrutiny by the Office of Foreign Assets Control (OFAC) in 2022 for suspected involvement in illegal activities.

As a crypto investor, I’ve noticed an interesting development: The recent ruling stated that OFAC exceeded its authority regarding Tornado Cash, highlighting that their immutable smart contracts are not classified as “property.” In light of this decision, the market cap of leading privacy tokens has surged by approximately 4%. This could be a sign of positive sentiment in the crypto community towards privacy-focused solutions.

ZEC Reacts Positively

Currently, ZEC is trading at $56.93, a price point last seen in October 2022. This rise has been followed by a substantial boost in trading intensity, with transactions amounting to approximately $175 million over the last day – representing a 68% spike.

As a crypto investor, when I notice that an asset’s trading volume is surging alongside its price, it’s a sign that the market is buzzing with keen interest. This heightened activity among buyers and sellers indicates a vibrant, sustained uptrend. The influx of trading volume suggests that liquidity is flowing in and more people are jumping on board the market rally, making it a potentially promising investment opportunity.

In simpler terms, the Aroon Up line of ZEC, displayed on its daily chart, reinforces the robustness of its current upward trend, reaching 100%. This Aroon Indicator gauges the potency and direction of trends by recording the elapsed time since the most recent peak high (Aroon Up) and trough low (Aroon Down) within a given timeframe.

100% in an Aroon Up value suggests it has recently reached a fresh high, indicating robust uptrend momentum. For instance, in ZEC’s market, the Aroon Down line is at 7.14%, signifying minimal bear pressure and reinforcing the bullish tendency.

ZEC Price Prediction:  A New High on the Horizon?

If the ongoing surge continues, the value of ZEC tokens could find stability around $57.20. Reaching this point might then push the price upwards towards approximately $66.98 – a level not seen since September 2022.

However, if profit-taking activity commences, the ZEC token price may fall to $49.29.

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2024-11-27 17:45