Zcash (ZEC) Skyrockets to a Seven-Year High: Can It Reach $1,000?

ZEC is now the 22nd largest cryptocurrency with a market capitalization of just under $9 billion.

Some industry participants have made significant profits (at least on paper) by investing in the token, while others believe there is much more room for growth.

The following goals

Zcash (ZEC) has been unstoppable in recent months and is currently trading at around $546, the highest level it has reached since early 2018. Its market cap has risen above $8.8 billion, making it the 22nd largest cryptocurrency, flipping well-known altcoins such as Stellar (XLM), Sui (SUI), Hedera (HBAR), Litecoin (LTC) and many more.

Grayscale appears to be a major driving force behind ZEC’s rally. Last month the leading digital asset manager remembered that the Grayscale Zcash Trust is open for private placement to qualifying accredited investors, with the cryptocurrency being similar in design to Bitcoin but utilizing a privacy technology that allows users to protect their assets.

It’s shortly after marked ZEC again, saying the Trust is the only U.S. exchange-traded fund that offers exposure to the privacy coin through certain brokerage accounts.

With ZEC on the decline, crypto The user named EliZ thinks the item’s diagram should be used as ‘an example for educational purposes’.

According to them, ZEC has followed a “very clear” and “healthy” trend, with the price continuing to follow the slope: “every time the price returns above it, buyers emerge and the upward movement resumes.” The analyst did not make an exact price prediction, but speculated that as long as the trend line is respected, the bull run will remain intact.

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Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, also contributed: keep in mind an increase to $1,000. Last month he was even more optimistic, setting a goal of an absurd (at least as of that moment) $10,000.

FOMO worked this time

ZEC’s price explosion was very beneficial for investors who decided to jump on the bandwagon. Look at chain revealed the case of a trader who opened a long position due to FOMO (Fear of Missing Out) and made an unrealized profit of approximately $2.7 million.

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“Watching new portfolios develop in this way highlights how momentum and psychology drive the price. Smart risk management would lock in gains now, but greed is tempting,” said X user Joe declared.