Zcash (ZEC) has surged 260% in the past month, reaching an eight-year high in both price and interest. Experts argue that the rally isn't over yet, with some suggesting ZEC could reach $1,000 (approximately 1.45 million won) in the long term.
ZEC is currently trading at around $546, its highest price since 2018. Its market capitalization has surged to $8.8 billion, surpassing major altcoins like Stellar (XLM), Sui (SUI), Hedera (HBAR), and Litecoin (LTC), and ranking 22nd among all cryptocurrencies.
The main reason for this surge is attributed to the activities of global asset management firm Grayscale. Grayscale recently announced that its private investment product, the Grayscale Zcash Trust, is now available. This trust is the only publicly traded fund in the US offering direct exposure to ZEC, highlighting ZEC's scarcity and privacy technology.
Analysts are also issuing a series of buy signals. Crypto analyst Ellie Z stated, "ZEC's chart shows an exemplary upward trend. Whenever the price rises above the trend line, buying pressure flows in, and the rally continues." However, she did not disclose a specific target price.
BitMEX co-founder Arthur Hayes also added to his optimistic outlook. He recently stated on social media that ZEC could reach $1,000 (approximately 1.45 million won), and at one point even suggested a price of $10,000 (approximately 14.5 million won).
Some investors have profited from this bull market. On-chain data provider Lookonchain reported that one trader who entered ZEC with a "FOMO" (fear of missing out) mentality earned an estimated profit of approximately $2.7 million (approximately 3.9 billion won). However, the liquidation price for this position is $373, leaving the possibility of a short-term plunge.
Some are warning that profit-taking is now necessary, given the growing temptation to greed, as investor sentiment and momentum have driven this rally. One trader noted, "Smart risk management means securing profits now," adding, "Excessive greed can backfire."
Zcash, a representative privacy coin with a similar structure to Bitcoin (BTC) but with the added benefit of asset hiding, is expected to maintain a significant market position as long as demand exists for asset protection while avoiding regulatory scrutiny. Whether this surge is a short-lived phenomenon or the beginning of a larger trend will be determined over the next few days.
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