Zcash (ZEC) Skyrockets to a 7-Year High: Can It Reach $1,000?

The popular privacy coin has become a sensation lately, with its price surging by 260% over the last month.

Some industry participants have made substantial profits (at least on paper) by investing in the token, while others believe it has much more room for growth.

The Next Targets

Zcash (ZEC) has been unstoppable in the past few months and currently trades at around $546, the highest level it has reached since the beginning of 2018. Its market capitalization has spiked above $8.8 billion, making it the 22nd-largest cryptocurrency and flipping well-known altcoins like Stellar (XLM), Sui (SUI), Hedera (HBAR), Litecoin (LTC), and many more.

Grayscale appears to be a key driver behind ZEC’s rally. Last month, the leading digital asset manager reminded that the Grayscale Zcash Trust is open for private placement to eligible accredited investors, describing the cryptocurrency as similar to Bitcoin in design but utilizing a privacy technology that allows users to shield their assets.

Shortly after, it highlighted ZEC again, while saying the Trust is the only US publicly listed fund that provides exposure to the privacy coin through certain brokerage accounts.

Now that ZEC is on a tear, crypto X is packed with analysts calling for even bigger gains. The user with the moniker EliZ thinks the asset’s chart should be used as “an example for educational purposes.”

In their view, ZEC has been on a “very clear” and “healthy” trend where the price continues to follow the sloping line: “every time it returns above it, buyers arrive and the upward movement resumes.”  The analyst did not outline an exact price prediction but speculated that as long as the trendline is respected, the bull run remains intact.

Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, also chipped in, envisioning an ascent to $1,000. Last month, he was even more bullish, setting a target of the absurd (at least as of the moment) $10,000.

FOMO Worked This Time

ZEC’s price explosion has been highly beneficial for investors who decided to hop on the bandwagon. Lookonchain revealed the case of a trader who opened a long position due to FOMO (Fear of Missing Out) and achieved an unrealized profit of around $2.7 million.

Multiple X users applauded the investor for their efforts, while others pointed out that their liquidation price stands at $373 and warned that a major swing to the downside could wipe out the gains.

“Watching new wallets move like this highlights how momentum and psychology drive price. Smart risk management would lock profits now, but greed is tempting,” X user Joe stated.

The post Zcash (ZEC) Skyrockets to a 7-Year High: Can It Reach $1,000? appeared first on BitcoinLinux.