Zcash Sees Significant Price Surge Amid Investor interest
On October 15, Zcash (ZEC) experienced a notable price increase as investors capitalized on a recent dip. This upward trend is part of a broader bull run for the cryptocurrency.
The surge in Zcash’s value coincides with a rise in assets under management in the Grayscale ZEC Fund. This fund has amassed over $92 million,despite a 2.5% expense ratio. The fund’s success reflects growing investor confidence in Zcash.
Data from the Zcash Dashboard reveals that the total shielded value of ZEC tokens has reached a record high of 4.53 million, worth over $1.17 billion.
However, a Wyckoff Theory analysis suggests a potential Zcash price crash. The daily chart indicates the token is in a distribution phase, characterized by high volatility and retail traders buying dips. If this trend continues, the price could drop to the major S&R pivot point at $125.
