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Tag: ZEC

  • Zcash Rallies After Latest Relisting Announcement From Major Exchange

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    Photo by BeInCrypto

    Zcash, the privacy-focused cryptocurrency, surged more than 12% to trade near $600 on Sunday after OKX announced it would relist the token.

    The rally makes ZEC the top-performing asset among major cryptocurrencies in the last 24 hours, significantly outpacing Bitcoin, which has struggled to reclaim the $90,000 level.

    On November 23, OKX announced that spot trading for the ZEC/USDT pair would resume at 12:00 UTC tomorrow.

    While the exchange failed to provide additional reasons for its decision, the move marks a significant regulatory U-turn for the venue. It had previously delisted the asset in 2023, citing compliance risks.

    Nonetheless, the decision can be linked to two significant factors, including ZEC’s strong outperformance of Bitcoin in recent months.

    It also reflects a post-election regulatory thaw, as the new SEC leadership is emboldening platforms to re-integrate privacy protocols that were once considered radioactive.

    Meanwhile, the resurgence of Zcash has ignited a philosophical clash on Wall Street regarding the future of digital privacy.

    Eric Balchunas, Senior ETF Analyst at Bloomberg, cautioned that the sudden pivot to privacy coins could fragment the broader crypto narrative. He noted that this shift comes at a time when Bitcoin is trying to consolidate institutional support.

    He argued that pushing a separate privacy layer risks “splitting the vote” of capital allocation when Bitcoin needs unified political and cultural backing to cement its status as a global reserve asset.

    “Zcash has third-party candidate vibes, like Gary Johnson or Jill Stein. Seems like you’d better off folding in their ideas to the main party vs splitting the vote, which could have major consequences, especially in such a crucial time for BTC,” he said.

    However, asset managers suggest that fundamental flaws in Bitcoin are driving the rotation.

    Jan van Eck, CEO of global investment manager VanEck, pushed back against the “spoiler” characterization. He noted that veteran investors are treating Zcash as a necessary complement to Bitcoin rather than a competitor.

    According to Van Eck, the current bear market in Bitcoin reflects “the on-chain reality” of surveillance risks. He argued that rising demand for confidentiality is driving capital toward Zcash’s encrypted ledger.

    Read original story Zcash Rallies After Latest Relisting Announcement From Major Exchange by Oluwapelumi Adejumo at beincrypto.com

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  • Why Zcash Could Be Vulnerable To A 50% Breakdown

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    The cryptocurrency market continues to bleed, with the total market cap now hovering around $2.89 trillion. Zcash (ZEC), one of the privacy tokens daring to defy the fearful market sentiment, has experienced a steady, choppy price action as market forces struggle to establish control. Interestingly, a prominent market analyst with the X username PlanD has discovered significant bearish potential on the horizon.

    Related Reading: Why is Zcash Surging? Analysts Break Down the ZEC Rally and What Comes Next

    Zcash To Fall To $281 – Is The Party Over? 

    Despite its performance amid the general crypto market correction, Zcash struggles to break past a formidable barrier in the $750 price zone. In the last week, the privacy coin experienced this rejection in the two instances it climbed above the $700 price mark. 

    According to PlanD, ZEC’s multiple rejections are also threatening the viability of an ascending channel that began in October. Notably, Zcash has broken below the lower boundary of this channel at $672, in successive moments, signaling increasing bearish pressure and weakening upward structure. If the market bears assume a dominant hand of the privacy coin, PlanD is projecting a price crash to around $281, indicating a potential 50% price loss from the present market prices. PlanD’s prediction is similar to that by fellow analyst Ali Martinez, who has since tipped ZEC could correct to around $325, following its struggles at the $750 price zone.

    However, while technical indicators point to an impending price collapse, strong fundamental developments provide bullishness for a continuous price uptrend. These include institutional endorsements as Cypherpunk Technologies, backed by Tyler and Cameron Winklevoss, which has recently launched a $50 million Zcash treasury strategy. Furthermore, the upcoming Zcash halving event, slated for November 28, adds another layer of bullish undertone as an increase in token scarcity is expected to drive demand pressure and subsequently boost prices.

    ZEC Price Overview 

    At the time of writing, Zcash trades at $490.52, reflecting a drastic 24.11% decline in the past 24 hours as total crypto liquidation crossed $1.9 billion. Meanwhile, daily trading volume is down by 6.1% and valued at $2.24 billion. 

    Nevertheless, ZEC’s monthly performance stands at a staggering 99.41% representing the coin’s defying bullish performance during a time when the total crypto market cap has reduced by 28%. In the last year alone, the privacy coin has surged by 928%, highlighting a remarkable and sustained bullish trajectory.

    With a market cap of $7.8 billion, ZEC now ranks as the 13th largest cryptocurrency in the world. 

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    Semilore Faleti

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