Grayscale Announces Long-Territorial Altcoin’s Price Skyrocket! Becomes Today’s Highest-Rising Altcoin! Will the Rise Continue?

As October begins to unfold for Bitcoin (BTC) and altcoins, the market is positive. In the last 24 hours, Bitcoin has seen a 3% increase, Ethereum (ETH) a 4.7% increase, XRP a 3% increase, and Dogecoin (DOGE) an 8% increase, while some altcoins have also seen gains.

One of these altcoins was Zcash (ZEC), with a 56% increase in the last 24 hours.

While it is stated that the Grayscale announcement is behind this rise, the rise is expected to continue.

Cryptocurrency analysis platform Alphractal noted that the price skyrocketed after Grayscale’s post about Zcash.

Alphractal has analyzed that Zcash (ZEC), one of the earliest pioneers in the privacy-focused cryptocurrency sector, is showing strong upward momentum.

Analyzing the rise of ZEC, Alphractal analysts concluded that the rise could continue, according to the data.

“1. ZEC broke through key on-chain levels such as Realized Price, which is a bullish signal.

2. The number of addresses holding more than $10 million has increased.

3. Delta Growth Rate is in the positive range, indicating that ZEC’s upward momentum is driven by fresh speculative capital.

4. The MVRV Z-Score has turned positive, signaling that ZEC’s upward trend continues at full speed.

As a result, analysts noted that the involvement of institutional players could provide significant liquidity to ZEC and enable its price to rise more stably and sustainably.

Grayscale, one of the largest asset management companies, announced on its official X platform that the Grayscale Zcash Trust has been opened for private placement to eligible accredited investors. This development allows qualified investors to participate in the Zcash-focused trust.

*This is not investment advice.

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