- Zcash jumped past $500, reaching its highest level since January 2018.
- An anonymous trader earned $2.7 million from a bold $16.3 million ZEC bet.
- Analysts predict possible profit-taking before another rally toward the $800 target.
Recently, Zcash — ZEC , turned heads after smashing through the $500 barrier. The privacy-focused coin now trades near $514, rising nearly 20% in just 24 hours. This milestone marks the first time ZEC has reached such levels since early 2018. Traders are celebrating as momentum builds, with one investor already pocketing millions in unrealized gains from a bold position taken earlier this week.
ZEC Rally Pushes to Multi-Year Highs
ZEC’s impressive rally has been nothing short of remarkable. Over the past month, the token has soared more than 250%, adding roughly $5.7 billion in market capitalization. With a total valuation of $8.46 billion, Zcash now sits comfortably among the top 20 cryptocurrencies by market cap. According to on-chain data from Lookonchain, one anonymous trader opened a new wallet and went all-in on ZEC. The position—32,000 ZEC worth about $16.3 million—now shows an unrealized profit close to $2.7 million.
This bold move highlights the growing confidence among investors who believe ZEC’s strong fundamentals can drive further growth. The rally also coincides with record activity within Zcash’s proof-of-work network . The hashrate recently peaked at 12.53 GS/s, showing increased participation from miners and reinforcing network strength. Analysts suggest this surge reflects broader adoption, which may support price stability even as the market fluctuates. Technically, ZEC trades near the upper Bollinger Band, signaling strong bullish momentum.
Analysts Split on What Comes Next
Market watchers remain divided about whether the rally will continue or cool off. The relative strength index has risen above 70, hinting at overbought territory. Some traders expect a short pullback as early investors take profits. Others, however, see potential for another leg higher if demand persists. Analysts at CoinCodex recently raised their year-end ZEC projection from $500 to $800, reflecting optimism for continued upside.
They argue that network growth and increasing transaction volume could sustain momentum into next year. Meanwhile, popular trader Soul offered a note of caution, advising early investors to secure profits while sentiment remains high. “Never marry your bag,” the analyst commented, reminding traders that even strong markets can correct sharply. Still, enthusiasm remains strong across the community.
Many investors view Zcash’s resurgence as a sign of renewed interest in privacy-focused cryptocurrencies. With expanding on-chain activity and growing attention from traders, ZEC could remain a top performer in the short term. For now, Zcash’s rise above $500 marks a major milestone for the privacy coin. The rally pushed ZEC to multi-year highs, rewarding bold traders with impressive gains.
