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Zcash (ZEC), a coin largely considered by many in cryptocurrency circles as an old, forgotten project, has stunned the market in the last 24 hours. ZEC registered a more than 60% spike in its price, climbing from a low of $84.96 to a peak of $152.80, printing its first golden cross in weeks within the time frame.
Big endorsements spark massive ZEC rally
Notably, the spike occurred following an influencer’s post on X about Zcash. Lark Davis, a notable crypto entrepreneur, stated that after Naval Ravikant, a renowned investor, posted about the "irrelevant dino coin," it caught the attention of many in the space and gained traction.
For context, Ravikant had, in a recent post on X, referred to Zcash as "insurance against Bitcoin."
Naval claimed that just as Bitcoin (BTC), the leading crypto asset, is a hedge against fiat currency, Zcash is meant to protect investors against any surveillance of BTC.
This comment triggered a staggering jump in the price of ZEC by over 60% as investors went on an accumulation spree. The trading volume surged by 252.15% to $1.12 billion as market participants flocked to buy the coin.
The increased demand drove prices through the roof as the long-forgotten coin printed its first golden cross in weeks. ZEC’s short-term moving average has now crossed over the long-term MA on its chart, a clear bullish sign for the coin.
As of this writing, Zcash is changing hands at $146.17, which represents a 61.89% increase in just 24 hours.
The development reveals the power a crypto influencer could have on a project. Once Naval Ravikant highlighted Zcash’s utility in protecting against growing surveillance of BTC, there was a renewed desire from investors to buy it.
Vitalik Buterin Weighs in on Zcash’s Privacy Future
Interestingly, in September, when Zcash soared to $68.81, a six-month high for the coin, investors considered it a massive rally and smiled in profits. In less than 48 hours after that, ZEC’s value had more than doubled, a development many market participants never anticipated.
Meanwhile, Vitalik Buterin, the Ethereum founder, has shared his perspective about Zcash and its insistence on privacy. He opines that the team should focus on improving more on this innate feature as a selling point for the project to gain traction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team