October, known as a historically bullish month, is not a month of major increases for Bitcoin and altcoins as expected.
Because there was a major collapse in the market on October 11, known as Black Friday, with the tariff tension between the US and China flaring up again.
While BTC and altcoins started the new week on the rise due to increasing expectations that the FED will cut interest rates and the approaching China-US talks, one altcoin diverged from the market.
At this point, Zcash (ZEC), one of the oldest pioneers of the cryptocurrency industry, made a name for itself with its rise.
Zcash, which has increased by 22.4% in the last 24 hours and 540% in the last month, exceeded $360.
Why Is Zcash (ZEC) Rising?
The sudden and continuous rise of ZEC after a long period of silence brought this question to the minds of investors: Why is the price of Zcash rising?
Zcash’s recent surge is seen as a continuation of the Grayscale-initiated surge in ZEC’s price that began in early October.
However, the recent surge was fueled by BitMEX founder Arthur Hayes’ bold prediction for the ZCash price, which sparked a massive FOMO and social media frenzy among investors after Hayes predicted a price of $10,000 for ZEC.
This caused the Zcash price to surge significantly within 24 hours.
As you may recall, Grayscale, one of the largest digital asset managers, announced a new ZEC fund in early October, allowing eligible investors to invest in Zcash. Experts argue that this move also signals that Grayscale will soon apply for a ZEC ETF.
*This is not investment advice.