As the euphoria in the market grows stronger with the sharp rise in the price of Zcash (ZEC), cryptocurrency analyst Joao Wedson said that we have entered a “historic period,” especially for miners.
According to Wedson, many key indicators of the ZEC ecosystem reveal both the strength of the price action and the increasing level of risk.
Wedson stated that the Puell Multiple has reached an all-time high, meaning ZEC miners are achieving record annualized profitability. He also noted the rapid growth of the Zcash network’s hashrate, arguing that miner security and network resilience have been strengthened.
While the analyst said that the $1,000 level he had previously pointed out was now very close, he stated that the “extremely bullish scenario” for ZEC extends to $1,650.
However, Wedson stated that even current prices indicate a high-risk zone and that investors should be careful.
The rise in ZEC’s price aligns not only with market dynamics but also with significant ecosystem developments. The rapid increase in Zashi wallet usage has revitalized user activity. Meanwhile, upcoming technical updates within Project Tachyon, run by developer Electric Coin Company (ECC), have increased interest from both investors and developers.
*This is not investment advice.