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Privacy-focused crypto Zcash [$ZEC] temporarily broke above$1,000as a fresh new demand pushed the coin into the market’s top-ten.
Trading volume increased heavily, but $ZEC has fallen below four figures at the time of writing.
Zcash enters the top ten
$ZEC was trading at around$979, which was a13.8% increase over 24 hours
At$16.5bn, Zcash has shot up to the tenth position on the table of top crypto assets by market value but it could change as prices continue to shift.
Trading volume increased by173%for a trading volume of$1.62 billion, meaning that much $ZEC changed hands in the previous 24 hours.
Even with the gains $ZEC has had recently, it has been recovering from being below$500back in August, so there has been a continuous trend upward since then with prices going past$800to reach$1,000for the first time.
The broader crypto market has also recovered, providing a more favourable environment for $ZEC, but the available data does mean there’s a single cause for its latest jump.
Can $ZEC remain above $1,000?
$ZEC reached$1,027.80before falling back to around$981, and the retreat suggests that some holders sold after the price crossed the closely watched$1,000mark.
That does not remove the upward move it has recently seen, but means buyers are yet to make the move above the new milestone hold for longer.
$ZEC has also seen a quick rise in a short period, with daily momentum reading78.33, indicating that there has been a lot of buying, and this could lead to wider price de
If it gets back above$1000and the price trades again above$1028, we might still see strong demand. If the pullback continues, though, a point of interest for the first sign that buyers are willing to step in again would be somewhere around$900.
Final Summary
- $ZEC briefly exceeded $1,000 as its market value reached $16.5 billion.
- Trading volume jumped 173%, but the price had returned to around $980.
Source: cryptonews.net