Zcash Could Rise to $420 After 62% Weekly Price Spike, Traders Predict
Traders have flipped optimistic on an even bigger near-term surge for privacy-focused token Zcash (ZEC) after a nearly 62% boost in the last week of trading.
ZEC is changing hands around $379.89 on Friday, up 15% in the last 24 hours, 62% in the last week, and 30% in the last month. That move has shifted odds of the token jumping to $420 in April—a further 10% move up—to 60% on Myriad, a prediction market operated by Decrypt’s parent company, Dastan.
The odds shift represents a significant boost in optimism among predictors, who overwhelmingly sided against such a surge as recently as Thursday. A specific catalyst for the token’s move is difficult to pinpoint, though crypto’s top assets are as a whole moving higher following a conditional ceasefire agreement between the United States and Iran.
It has not been a privacy-specific move either. While the category has risen 21% on the week, according to CoinGecko, only one other token has seen a comparable surge: DASH—the latter of which has jumped around 48% in the last week of trading. Other popular crypto tokens in the privacy category like Monero (XMR) and ZKsync (ZK) have jumped 6.1% and fallen 4.4% during that time, respectively.
Zcash has strongly outperformed crypto majors of late, with Bitcoin trading around $72,531 on Friday, a 9% move higher in the last week of trading. Meanwhile, Ethereum has jumped similarly, boosting 8.5% in the last seven days to trade around $2,226.
Despite the token’s weekly gain, it still sits nearly 46% off its November high of $698, and even further away from its all-time high of $3,191, set in October 2016. At the end of March, a critical vulnerability in the Zcash node software was patched, derisking millions of dollars' worth of tokens in the process.
