Zcash Surges to 9-Day Peak on Whale Confidence
MissedBlock Desk · · 3 min read
Updated
Zcash Surges as Market Rebounds, Whales Bet on Gains
The cryptocurrency market has experienced a notable resurgence in the past 24 hours, with Zcash (ZEC) once again emerging as a top performer. Analysts suggest this could signal the beginning of a significant new rally, as large investors, often referred to as “whales,” have initiated long positions valued in the millions of dollars.
As of this report, ZEC is trading just above $1,330, according to CoinGecko, marking a 13% increase over the last day. In comparison, Bitcoin (BTC) has seen a 3% rebound, and Ethereum (ETH) has climbed 4% during the same period. Zcash’s market capitalization now exceeds $22 billion, cementing its position among the top 10 cryptocurrencies and widening the gap with Hyperliquid (HYPE), which ranks 11th.
While a general positive trend across the sector is a likely driver for ZEC’s recent price surge, a specific development may also be contributing. The X account BSCN reported that Zcash is planning to triple its block production speed as part of the NU7 upgrade, with a target implementation date of November 5.
This upgrade is expected to reduce block times from 75 seconds to 25 seconds. Additionally, it will temporarily remove 60% of transaction fees from circulation. The existing mining reward halving schedule will remain unchanged. The disclosure noted that the activation height still needs to be integrated into node software before the upgrade can become effective.
Beyond its 13% daily gain, ZEC has also climbed 22% from its recent low of approximately $1,050, recorded just a few days ago. In response to this recovery, X user Lucky commented, “ZEC is bouncing back beautifully. Tell me you bought the dip.”
Other market observers have also shared their perspectives. Token Talk suggested that for ZEC to maintain its bullish momentum, a period of healthy consolidation would be more beneficial than an immediate, continuous upward price movement. Meanwhile, Nehal predicted that ZEC is poised for a significant price surge, potentially reaching $2,000.
Further underscoring the bullish sentiment, Looknochain revealed that two major investors have recently made substantial bets on Zcash’s continued ascent. One investor opened a long position worth $18.6 million with 10x leverage, while another entered a $18.9 million long position under identical leverage conditions.
Such large-scale investments are typically viewed as positive indicators, demonstrating strong confidence from significant market players. This conviction can, in turn, encourage smaller investors to participate and inject fresh capital into the ecosystem.
However, the use of high leverage also introduces increased risk. A sudden reversal in ZEC’s price could trigger cascading liquidations of these highly leveraged positions, potentially amplifying selling pressure and accelerating any downward movement.