Zcash (ZEC), a privacy-focused cryptocurrency often overlooked in recent years, has experienced a dramatic price surge, jumping more than 60% in 24 hours to reach a peak of $152.80. This rally propelled ZEC to a three-year high, with the price settling around $146.17 at the time of reporting, marking a 61.89% increase. The surge was accompanied by a 252.15% spike in trading volume, reaching $1.12 billion, and a market cap that ballooned from $950 million to as high as $2.45 billion over the week.
The primary catalyst for this movement was a series of endorsements from influential figures. Naval Ravikant, a renowned investor, described Zcash as "insurance against Bitcoin" in a post on X, highlighting its role in protecting against surveillance of BTC. This comment was amplified by crypto entrepreneur Lark Davis, who noted the coin's 100% gain and bullish sentiment for Q4, triggering a wave of investor accumulation.
Additional factors fueled the rally, including ZEC's listing on the decentralized exchange ThorSwap, enabling direct swaps with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This development addresses regulatory pressures that had led to delistings on centralized platforms. Moreover, Grayscale reopened its Zcash Trust for private placement to accredited investors, signaling renewed institutional interest that could pave the way for future ETF discussions.
Technically, ZEC printed its first golden cross in weeks, with the short-term moving average crossing above the long-term average, a bullish indicator. The coin also broke out from a multi-year cup and handle pattern, with momentum indicators like MACD and RSI turning upward. However, the RSI entered overbought territory, suggesting potential for a pullback. At press time, ZEC was testing the 38.2% Fibonacci retracement level, with a breakout above potentially targeting $195.63.
Ethereum founder Vitalik Buterin previously weighed in on Zcash's privacy features, urging the team to focus on this as a selling point. The rally coincides with broader market optimism, often referred to as "Uptober," amplifying upward momentum. Derivatives data showed open interest in futures surging from $19 million to over $142 million, with a long/short ratio above 1, indicating bullish trader sentiment.