- On Wednesday, Zcash price rose 22%, helping its value break through the key resistance level of $330 with a market cap of $5.5 billion.
- The price action has seen upward momentum in the overall cryptocurrency market, sparking euphoria in the community.
- On Tuesday, US President Donald Trump announced a ceasefire in the ongoing war with Iran, which eased tension in the global financial market.
On April 8, Zcash (ZEC), a popular privacy coin, saw a 22% rise on the daily chart following bullish momentum in the cryptocurrency market.
Currently, Zcash’s price is hovering around $330 with a market cap of $5.5 billion, thanks to investors’ growing confidence in privacy coins. according to CoinMarketCapThe daily trading volume also exceeded the $1.02 billion mark.
Zcash is gaining momentum with the bullish trend in the cryptocurrency market
The price rise comes as Foundry Digital, the company that runs the world’s largest Bitcoin mining pool, is close to launching its own institutional mining pool for ZEC. The launch is scheduled for April.
Foundry Digital is a subsidiary of Digitalency Group, commonly known as DCG. The company controls approximately 30% of the global computing power used to mine Bitcoin. The new Zcash mining pool will be the first major US-based ZEC mining operation ready to meet compliance rules.
The pool will target institutional miners and publicly traded mining companies. It will include your customer checks, anti-money laundering checks, and transparent address payments.
Zcash mining has historically been concentrated among a small number of non-US pools. The leading pools were ViaBTC and F2Pool. Foundry’s entry into this space is expected to distribute mining power more evenly. It may also attract miners who previously turned away from ZEC because they were unable to find compatible infrastructure to support their operations.
In the past month, the price of Zcash has risen more than 54% due to buying pressure following previous periods of consolidation.
(Source: TradingView)
According to TradingView, technical indicators share a bullish outlook for the cryptocurrency. The Relative Strength Index is currently hovering around the 60 level, showing strong upward pressure. The cryptocurrency is currently avoiding extreme overbought territory that could lead to an immediate reversal.
Obviously, different moving averages, such as 10 days and 20 days, give buy signals. The current price of Zcash lies well above these lines.
There is strong support at around $300 from the low during the last session, while the next resistance level is around $340.
On-chain data shows increased activity of protected transactions. This increased activity gives the network real use of price action rather than relying entirely on hype.
There are various factors behind the surge in Zcash prices. after Cryptocurrency As it rose above the technical breakouts, buyers began accumulating the cryptocurrency. These buyers identified the token as undervalued after previous corrections.
Macroeconomic conditions also provide further support. Bitcoin is trading around stable levels amid institutional flows and lower direct risks.
The last The United States and Iran The ceasefire eased geopolitical tensions. This development has improved public sentiment towards assets that provide financial privacy. This comes in an era of increased surveillance and discussions of central bank digital currencies. The recovery of the crypto market across cryptocurrencies has encouraged capital discussions.
Zcash is a privacy-driven cryptocurrency that allows people to send and receive money confidentially on the blockchain. Unlike Bitcoin, where all transactions are public and visible to anyone, Zcash uses advanced transactions Zero knowledge The proofs are called zk-SNARKs. This helps the network hide the sender, recipient, and amount of money in private, “protected” transactions while still proving the authenticity of the transaction.
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