Zcash Price Surges 20% in 24 Hours
Zcash (ZEC) jumped 20% in one day as market optimism grew. It traded at $259.32 with a 24-hour volume of $832.42 million, according to CoinMarketCap. The overall crypto market also rose, with the global market cap reaching $3.83 trillion, up 1.28% from the previous day.
This rally followed weeks of quiet trading below $100. ZEC then surged past $300 in early October. The rise shows renewed trader confidence and interest in privacy coins. Much of the momentum came from increased activity in the derivatives market, especially perpetual futures.
Market Sentiment and Trader Behavior
Data from Coinglass reveals a shift in trader sentiment between mid-July and mid-October. The funding rate was mostly neutral for some time, indicating balanced bets on price rises and falls.
In early October, ZEC broke above $150 and climbed quickly. Funding rates then spiked, showing many traders took long positions, expecting prices to rise further.
Such spikes often indicate overly optimistic markets. Before this surge, the funding rate briefly turned negative in late September, signaling some bearish sentiment.
Technical Indicators Show Strength
Technical data suggests Zcash is in a strong uptrend. ZEC recently pulled back slightly from a peak near $295, according to TradingView. The RSI at 57.8 indicates solid momentum without being overbought.
Fibonacci retracement levels at $211 and $230 act as support zones that buyers are defending. The MACD indicator shows a minor bullish crossover, suggesting the upward trend may continue.
However, some remain skeptical. Commentator Justin Bechler noted, “ZCash is a Silicon Valley software company with a crypto token that’s down 99.96% against Bitcoin.” He warned traders to “block every single individual who suddenly expresses interest in it.”
Zcash’s recent surge highlights growing interest in privacy coins. Still, the sharp price moves suggest the market remains volatile.
