$ZEC is leading the crypto market again.
On November 4, ZEC gained around 14% at one point, while BTC’s gains over the same period were notably smaller.
More notably, ZEC futures open interest rose by around 25%—well above its price increase—and aggressive buying also led among major cryptocurrencies.
This suggests that ZEC’s rally came alongside the opening of new futures positions, with market activity picking up rapidly.
However, funding rates have turned positive, and more traders are starting to hold long positions.
If the price continues to rise, it could attract more trend-following capital. But if it suddenly pulls back, crowded leveraged long positions could also amplify the decline.
I remain bullish on ZEC’s long-term potential.
In the short term, I’ll be watching to see whether it can hold around $1,300. If it continues to break above $1,400, it may have a chance to challenge $1,500 again in the next phase.
Compared with other altcoins, ZEC’s relative strength is still worth watching.
On November 4, ZEC gained around 14% at one point, while BTC’s gains over the same period were notably smaller.
More notably, ZEC futures open interest rose by around 25%—well above its price increase—and aggressive buying also led among major cryptocurrencies.
This suggests that ZEC’s rally came alongside the opening of new futures positions, with market activity picking up rapidly.
However, funding rates have turned positive, and more traders are starting to hold long positions.
If the price continues to rise, it could attract more trend-following capital. But if it suddenly pulls back, crowded leveraged long positions could also amplify the decline.
I remain bullish on ZEC’s long-term potential.
In the short term, I’ll be watching to see whether it can hold around $1,300. If it continues to break above $1,400, it may have a chance to challenge $1,500 again in the next phase.
Compared with other altcoins, ZEC’s relative strength is still worth watching.