Zcash (ZEC) price has adopted a parabolic move, resulting in impressive upside within a matter of days. The privacy coin is currently on the list of top gainers among the top 20 coins by market cap this week.
Zcash crypto pulled off an impressive 80% plus rally within the last seven days. It maintained a streak of green candles during the same period, taking full advantage of the prevailing bullish sentiment.
The ZEC price surged as high as $607 in the last 24 hours. However, it retreated to its $577 press-time price tag.
Zcash Price Action | Source: TradingView
The slight pullback from above $600 could signal some profit-taking. Afterall, ZEC price was already deep in overbought territory, hence the likelihood of a retracement.
But the big question now is why Zcash crypto has been rallying. Numerous factors were behind the rally. It has so far recovered most of the gains that were lost during crypto winter.
ZEC price was only about 30% away from its historic top achieved in November last year. ZEC holders who have held through the bear market may have thus recovered most of their losses.
The bullish Zcash (ZEC) price action has been taking place when the overall crypto market conditions favored some recovery. However, this performance has been outshining even the top cryptocurrencies such as Bitcoin and Ethereum.
This means some other stronger forces were at play. The most recent major development around the Zcash crypto was its listing on the Robinhood trading platform.
Robinhood announced the listing on 23 April, meaning it has been about two weeks since the listing. This was a major development that paved the way for an already existing robust user base to access the ZEC crypto.
The announcement of Zcash’s listing on Robinhood marked a major milestone for the privacy coin. This may have been enough to boost investor confidence, as such major listings have been known to do.
The rally may have gotten a speculative boost from spot ETF rumors. Grayscale is reportedly planning to roll out a spot Zcash ETF sometime soon. The company filed for this ETF last year, and it is on track to become the first privacy coin ETF.
A spot ETF filing underscores institutional demand. This could set the stage for even more demand once institutional liquidity floods into the Zcash (ZEC) crypto.
Recent reports suggest that institutional demand has already been flooding in at discounted prices. For example, Multicoin Capital, a company that invests in blockchain companies and tokens, has been accumulating Zcash crypto.
Tushar Jain, the co-founder and managing partner at Multicoin Capital disclosed the Zcash crypto purchases. He revealed that the company has been building up a large ZEC position since February.
Zcash (ZEC) Crypto in Focus | Source: X
Tushar also noted that proposed wealth seizures in California underscore a worrying political trend. He believes that this trend could push institutions and people towards censorship-resistant assets like Zcash to protect their wealth.
In other words, Multicoin has been aggressively building its Zcash crypto position in anticipation of more future demand. It has thus been one of the biggest contributors to the current demand, and it seems to be paying off well for the company.
Zcash (ZEC) price action this week confirms that the conviction around the stablecoin remains strong. The accumulation may be even stronger, judging by the robust recovery.
The post Zcash Price Rallies 80%: Here’s the Key Reasons Behind ZEC’s Surge appeared first on The Coin Republic.

