The crypto market continued its climb today as bitcoin price rose above $82,000, and kriptovalyuta Zcash (ZEC) entered the top 100 digital assets by growth.
The massive rally has once again fueled bullish sentiment among analysts, some of whom are forecasting an explosive rise to a new all-time high in the short term.
May 6 ZEC price rose to nearly $600, a 40% daily gain. This is the cryptocurrency’s biggest gain since November last year, pushing its market cap above the $10 billion mark. As a result, ZEC has regained its place among the top 15 cryptocurrencies, overtaking Cardano (ISLAND), Monero (XMR), Bitcoin Cash (BCH) and other popular altcoins.
ZEC Price Data from CoinGecko
This jump may have been caused by statement Multicoin Capital co-founder and managing partner Tushar Jain said his company had acquired a significant stake in ZEC since February due to privacy concerns.
“We believe that truly private, censorship- and seizure-resistant assets have clear market compatibility, and demand for them is growing. We believe ZEC is the purest expression of this idea in public markets,” Jain said.
Another catalyst for growth was the rise of Bitcoin (BTC) above the $82,500 mark, many altcoins, including Dash (DASH), Toncoin (TON), Filecoin (FIL) and Internet Computer (ICP) have both risen by double digits over the past 24 hours.
Analysts believe ZEC’s rally will continue in the coming weeks and months. Meanwhile, user X WIZZ predicted the asset’s price could reach the four-digit range by the end of this year, setting a new all-time high.
At the same time, trader activity is increasing. According to Lookonchain, a newly created wallet opened a 10x long position on 5000 ZEC worth $2,64 million. This suggests that some market participants are anticipating further growth.
The asset’s relative strength index (RSI) is supporting optimism, as the ratio has soared to 96 (out of 100), indicating too much price growth in a short period and potential for a correction.
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