Why is Zcash Price Up 16% Today as Wider Crypto Market Drops?
Zcash (ZEC) has continued to outperform the broader crypto market. The highest-tier privacy-centric altcoin rallied over 16% prior to now 24 hours to commerce at about $574 on Friday, November 14, through the late North American session.
In the meantime, Bitcoin (BTC) led the broader altcoin trade in selloff, thus the full crypto market cap dropped 2.3% through the previous 24 hours to hover round $3.22 trillion at press time. ZEC value rallied towards all odds as crypto merchants depicted excessive concern of additional capitulation.
Why is the Zcash Worth Outperforming the Wider Crypto Market?
Excessive demand for privacy-centric tokens by whale traders
The demand for ZEC by institutional traders has considerably surged within the current previous. Earlier this week, a16z famous that the rising want for privateness will bolster the general demand for the associated altcoins.
Supply: X
Cypherpunk announced that it has acquired a complete of 203,775 ZEC, valued at about 50 million. In the meantime, the Grayscale Zcash Trust has grown to a complete of $200 million in property below administration.
Rising demand for privacy-centric cash amid the criminalization of privateness rights
The spectacular efficiency of ZEC is essentially influenced by the rising demand for privacy-centric crypto tasks amid the notable criminalization of privateness rights globally.
For example, the brand new European Union’s Anti-Cash Laundering (AML) guidelines say individuals inside this area can solely transact as much as €10,000 in money funds. Moreover, the European Union expects crypto tasks to confirm identities for transactions better than €1,000, along with banning privateness accounts and cash.
What’s Subsequent for ZEC?
After outperforming virtually all different mid-capped altcoins prior to now few months, the ZEC value is well-positioned to proceed in the identical pattern forward. The big-cap altcoin, with a totally diluted valuation of about $12.1 billion, recorded a 32% surge in its every day quantity to hover round $2.09 billion at press time.
From a technical evaluation standpoint, the ZEC value is well-positioned to rally exponentially to succeed in $1000 quickly. Nevertheless, ZEC value should persistently shut above $690 within the coming days to invalidate potential retrace in direction of $223 quickly.
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