Zcash (ZEC) Soars to Its Highest Price in Seven Years: Is $1,000 Within Reach?

The popular privacy-focused cryptocurrency, Zcash (ZEC), has experienced an extraordinary price upswing, increasing by 260% in the past month.

Industry participants have capitalized on this surge, generating notable profits in the process, wielding optimism that further growth is on the horizon.

Current Standings

As it stands, ZEC is trading at approximately $546, marking its highest price since early 2018. Its market capitalization has jumped to over $8.8 billion, positioning it as the 22nd largest cryptocurrency and outperforming notable altcoins such as Stellar (XLM) and Litecoin (LTC).

ZEC Price ZEC Price, Source: CoinGecko

Grayscale Investments is now recognized as a significant catalyst behind ZEC’s meteoric rise. Recently, the asset management firm announced that its Zcash Trust is open for private placement for eligible accredited investors, likening ZEC to Bitcoin while emphasizing its privacy features.

Following this announcement, Grayscale highlighted ZEC multiple times, noting its unique position as the sole U.S. publicly listed fund providing direct exposure to Zcash.

With ZEC experiencing a bullish trend, various analysts on social media platforms predict even higher gains. User EliZ mentions that ZEC’s price movement reflects a healthy pattern, and anticipates continued upward momentum as the asset respects the current trendline.

Future Projections

Arthur Hayes of BitMEX has remarked on ZEC’s potential rise to $1,000, while at one point proposing an ambitious target of $10,000. As ZEC’s price continues to climb, investors who joined the trend early are likely to benefit substantially. One user posted that a position opened due to FOMO resulted in approximately $2.7 million in unrealized profits.

“Watching new wallets move like this highlights how momentum and psychology drive price. Smart risk management would lock profits now, but greed is tempting,” stated investor Joe.