Zcash (ZEC) has emerged as one of the best-performing cryptocurrencies this week, surpassing $150 on October 2nd with an impressive one-day increase of 54%. Over the past week, its value has surged nearly 140%, marking it at its highest level since April 2022.

Following this spike, ZEC ranks 50th among cryptocurrencies, boasting a market cap exceeding $2.31 billion. New investments appear to be flowing into ZEC as speculative interests continue to drive the upward momentum.

Zcash’s Bullish Revival

According to analytics platform Alphractal, Grayscale’s recent announcement has revitalized market interest, revealing that the Grayscale Zcash Trust (ZCSH) is now open for private placements for eligible accredited investors. This trust is among the first to provide an avenue for investors to engage with ZEC as a security, bypassing the complexities of direct token acquisition.

As of Thursday, ZCSH has assets under management (AUM) exceeding $46 million, with a net asset value (NAV) per share at $9.70.

On-chain metrics indicate a strong bullish trend, as ZEC surpassed its Realized Price, a historically favorable signal. There is also an uptick in large holdings, with the number of addresses accumulating over $10 million on the rise.

The Delta Growth Rate has turned positive, indicating new speculative investments and increased demand. The MVRV Z-Score has also shifted into positive territory, further suggesting that ‘ZEC’s bull run is in full swing.’

Pseudonymous analyst ‘ant’ has analyzed ZEC’s price patterns on Kraken and noted that the price could potentially rise to $216 due to its extensive monthly trading range.

Naval Ravikant’s Zcash Endorsement

Prominent entrepreneur Naval Ravikant stated that “Bitcoin serves as a hedge against fiat, while Zcash protects against Bitcoin itself.” His perspective portrays Bitcoin as a practical alternative to government-regulated monetary systems, while Zcash augments privacy for users through sophisticated cryptographic methods.

Former BitMEX CEO Arthur Hayes mentioned a dinner encounter with Ravikant, during which the latter advised him to invest in ZEC. Hayes later admitted to taking the plunge into the privacy coin, despite warnings from brokers.