The cryptocurrency market has staged an evident resurgence over the past 24 hours, with Zcash (ZEC) once again among the top performers.
Many analysts believe this marks the start of a major new rally, while some whales opened long positions worth millions of dollars.
Explosion to $2,000 Comes Next?
As of this writing, ZEC is worth just over $1,330 (per CoinGecko), up 13% for the day. By comparison, Bitcoin (BTC) has rebounded by 3%, while Ethereum (ETH) has risen by 4% within the same period. The privacy coin’s market capitalization stands at over $22 billion, solidifying its spot among the 10 biggest cryptocurrencies and widening the gap with Hyperliquid (HYPE), which ranks 11th.
The most likely catalyst for ZEC’s latest price increase is the green wave sweeping the sector, but there may be more to it. The X account BSCN revealed that Zcash plans to triple its block production speed, with developers targeting November 5 for the NU7 upgrade.
“The upgrade would cut block times from 75 seconds to 25 seconds. It would also temporarily remove 60% of transaction fees from circulation. The existing mining reward halving schedule would remain unchanged. The activation height still needs to be incorporated into node software before the upgrade can take effect,” the disclosure reads.
Besides gaining 13% on the day, ZEC has also climbed 22% from its local bottom of around $1,050, registered just a few days ago. On that note, X user Lucky said:
“ZEC is bouncing back beautifully. Tell me you bought the dip.”
Token Talk and Nehal also weighed in. The former argued that, to maintain its bullish structure, the price would need a healthy consolidation period instead of printing another candle straight to the upside. For his part, the latter predicted that ZEC is gearing up for an explosion toward $2,000.
The Whales’ Activity
Looknochain revealed that two major investors recently bet heavily on ZEC’s further upside. One opened an $18.6 million long position with 10x leverage, whereas the other entered an $18.9 million long under the same conditions.
Such a development is generally considered bullish because it shows strong conviction from large investors, which can encourage smaller players to jump on the bandwagon and distribute fresh capital into the ecosystem.
Nonetheless, heavy leverage also raises the risk of a long squeeze, and if ZEC suddenly reverses course, cascading liquidations of overly risky positions could intensify selling pressure and accelerate the decline.
The post Zcash (ZEC) Rises to a 9-Day High as Whales Bet on Further Gains: Details appeared first on CryptoPotato.
Source: https://cryptopotato.com/zcash-zec-rises-to-a-9-day-high-as-whales-bet-on-further-gains-details/
