Zcash (ZEC) Soars to a Fresh 10-Year Peak: Further Gains Ahead or Time to Cool Off?
The popular privacy coin has once again emerged as a top performer, up double digits in the past 24 hours to briefly touch $1,400 before retracing to $1,330.
ZEC’s bull run has triggered painful losses (albeit some on paper) for traders who previously opened short positions, while several analysts believe the rally is far from over.
‘Moving Like a Steam Train’
Zcash continues to stun the crypto community after hitting a new 10-year high, following a whopping 2,500% explosion over the last year. Our detailed article explains the main factors fueling the pump, and a potential catalyst for the recent surge is the governance update in which holders voted to reduce block-target spacing from 75 seconds to 25 seconds.
X user Crypto Patel explained the development would lead to faster block confirmations that could improve the transaction experience, whereas halving remains part of the planned issuance model.
The rally has caught the eye of many analysts, and the majority think the bulls have no intention of handing control to the bears anytime soon. X user Altcoin Sherpa noted that there was no deep pullback toward $1,000 as they wanted, and it seems like ZEC is building fuel for its next leg up to $1,500-$2,000.
Crypto Bitlord also chipped in, arguing that the privacy coin has been moving like “a steam train” and expecting a massive explosion if the price exceeds $2,000.
Meanwhile, the move up has taken its toll on some traders who previously opened too-risky positions. Lookonchain revealed that one market participant closed his long and flipped short on 767.2 ZEC ($1 million) several hours ago, only to get fully liquidated shortly after.
For his part, Garret Jin is now sitting on a paper loss of more than $26 million. After adding to his bearish bet, he now holds a 37,760 ZEC short position worth about $51.5 million, with a liquidation price of approximately $2,631.
