Okay so $ZEC just did something nobody was pricing in a year ago. It broke $1,000 and printed a fresh all time high, its best level in almost a decade.
Price ripped about 20% in a day, touching $1,029 on Binance before settling back near $984. Roughly $34.5M in short positions got liquidated on the way up, which is part of why the move accelerated so fast. Every forced buyback is real demand hitting the order book.
The bigger story here is Grayscale's Zcash ETF (ZCSH) started trading on NYSE Arca on August 25, and that opened the door for brokerage money that was never going to touch a wallet. Market cap is pushing $17B now, enough to flip Dogecoin for a top 10 spot.
Zoom out and it gets wilder. ZEC is up something like 94% in the past month and over 2,300% over the past year. Best run of any large cap this cycle, by a wide margin.
One thing worth flagging before anyone piles in: RSI is sitting around 78, deep overbought, and while the 50 day is comfortably above the 200 day (bullish structurally), that's also exactly the setup where sharp pullbacks tend to show up after a run this hot.
Is this the start of a real privacy coin supercycle, or is $ZEC due for a breather first? Curious what you all think.
NFA, obviously. This one's stretched, size accordingly and do your own research.
#zec #zcash #Binance #ZECHitsANewAllTimeHigh
Price ripped about 20% in a day, touching $1,029 on Binance before settling back near $984. Roughly $34.5M in short positions got liquidated on the way up, which is part of why the move accelerated so fast. Every forced buyback is real demand hitting the order book.
The bigger story here is Grayscale's Zcash ETF (ZCSH) started trading on NYSE Arca on August 25, and that opened the door for brokerage money that was never going to touch a wallet. Market cap is pushing $17B now, enough to flip Dogecoin for a top 10 spot.
Zoom out and it gets wilder. ZEC is up something like 94% in the past month and over 2,300% over the past year. Best run of any large cap this cycle, by a wide margin.
One thing worth flagging before anyone piles in: RSI is sitting around 78, deep overbought, and while the 50 day is comfortably above the 200 day (bullish structurally), that's also exactly the setup where sharp pullbacks tend to show up after a run this hot.
Is this the start of a real privacy coin supercycle, or is $ZEC due for a breather first? Curious what you all think.
NFA, obviously. This one's stretched, size accordingly and do your own research.
#zec #zcash #Binance #ZECHitsANewAllTimeHigh