Cryptocurrency Zcash grew by 470% in a month

Editor’s note: not financial advice!

The Zcash cryptocurrency (ZEC) surged by 470% in October, marking the ninth anniversary of the project’s launch. At the time of publication, the price of the coin reached about $ 325, which was the highest in the last three years. The rally has attracted considerable attention from the crypto community, dividing experts into two camps: some call it market manipulation, while others call it the beginning of a new long-term trend.

Altcoin activity began in September, when anonymous coins such as Zcash and Dash were in the spotlight. An analyst named Ignas, founder of Pink Brains, called the explosive growth of ZEC an example of the creation of market narratives. He explained that the appearance of an old project in the information space triggers a «reflection effect»: the more attention a coin attracts, the more people join the trade for fear of losing potential profits.

CryptoQuant CEO Ki Eun-Joo has the opposite opinion. He stated that Zcash is in an asset allocation phase and warned investors against buying the coin at current levels. «I'm sorry, but you are a retail investor if you buy Zcash now,» he wrote on social media platform X. Instead, former BitMEX CEO Arthur Hayes predicted further growth of ZEC to $ 10,000, calling the situation a «test of the atmosphere.»

Investor Eric Van Tassel partially agreed with the optimists, emphasizing that the current growth is not a typical «pump». In his opinion, this time the coin has broken through a multi-year consolidation zone, which is changing the technical picture of the market. He stated that qualitative analysis should take into account such breakouts in the long run, as they can signal the formation of a new trend.

On October 10, the price of ZEC exceeded $ 230 for the first time since 2022. The current dynamics of this cryptocurrency, according to experts, may affect the broader anonymous coin sector and renew interest in old projects that have long remained out of focus.