ZCash (ZEC) has been one of the highlight performers in the cryptocurrency market over the past few months. Although the general digital asset market has faltered in recent weeks, the privacy-focused cryptocurrency has continued to ascend to new price highs. While the large-cap assets have been waxing and waning in terms of market value, the price of ZCash has been on a tear in the past week, breaking into the list of the top-20 largest cryptocurrencies in the sector. Now, the latest on-chain data suggests that euphoria is setting in the ZEC market. ZCash Puell Multiple Hits New All-Time High In a November 7 post on social media platform X, Alphractal CEO and founder Joao Wedson revealed that the ZCash market might be overheating after weeks of significant upward price movement. According to the on-chain expert, the sentiment surrounding the coin seems to have finally reached the euphoria stage. Related Reading: Most Dangerous Bitcoin Boom Yet? Ray Dalio Warns Of ‘Stimulus Into A Bubble’ Wedson noted that the group of network participants mostly behind this euphoria is the ZEC miners. This on-chain observation revolves around two primary metrics, including the Puell Multiple and the Hash Rate. For context, the Puell Multiple is a metric that correlates the issuance value of an asset to its 365-day moving average. This metric measures miners’ profitability on an annualized basis, signaling potential market tops or bottoms. According to the highlighted data from Alphractal, the ZCash Puell Multiple just hit an all-time high, indicating significantly high profitability for the miners. This on-chain signal also suggests that the ZEC price could still have more room for upside movement. Furthermore, Wedson revealed that the ZCash Hash Rate is on a rapid ascent, meaning that miners are devoting more computational resources to the privacy-focused network. As seen with the premier cryptocurrency, a rising Hash Rate often coincides with extended price rallies. Ultimately, the increasing Puell Multiple and rising Hash Rate signals strong network fundamentals for ZCash, which suggests that the price growth seen so far is not solely market speculation.  What’s Next For ZEC Price? As of this writing, the price of ZCash stands at around $714, reflecting an over 30% jump in the past 24 hours. Price action data shows that the ZEC coin is having the second-strongest annual performance in its history, having soared roughly 1,500% in the past year. In an earlier post on X, Wedson projected an extreme upside of around $1,650 for the price of ZCash. While the current ZEC price already suggests elevated risk for investors, reaching as high as $1,650 would represent full-on market euphoria. Related Reading: XRP Price To Reach $1,000 By End Of 2025? Rumor Mills Are On Fire With BlackRock Speculations Featured image from Shutterstock, chart from TradingViewZCash (ZEC) has been one of the highlight performers in the cryptocurrency market over the past few months. Although the general digital asset market has faltered in recent weeks, the privacy-focused cryptocurrency has continued to ascend to new price highs. While the large-cap assets have been waxing and waning in terms of market value, the price of ZCash has been on a tear in the past week, breaking into the list of the top-20 largest cryptocurrencies in the sector. Now, the latest on-chain data suggests that euphoria is setting in the ZEC market. ZCash Puell Multiple Hits New All-Time High In a November 7 post on social media platform X, Alphractal CEO and founder Joao Wedson revealed that the ZCash market might be overheating after weeks of significant upward price movement. According to the on-chain expert, the sentiment surrounding the coin seems to have finally reached the euphoria stage. Related Reading: Most Dangerous Bitcoin Boom Yet? Ray Dalio Warns Of ‘Stimulus Into A Bubble’ Wedson noted that the group of network participants mostly behind this euphoria is the ZEC miners. This on-chain observation revolves around two primary metrics, including the Puell Multiple and the Hash Rate. For context, the Puell Multiple is a metric that correlates the issuance value of an asset to its 365-day moving average. This metric measures miners’ profitability on an annualized basis, signaling potential market tops or bottoms. According to the highlighted data from Alphractal, the ZCash Puell Multiple just hit an all-time high, indicating significantly high profitability for the miners. This on-chain signal also suggests that the ZEC price could still have more room for upside movement. Furthermore, Wedson revealed that the ZCash Hash Rate is on a rapid ascent, meaning that miners are devoting more computational resources to the privacy-focused network. As seen with the premier cryptocurrency, a rising Hash Rate often coincides with extended price rallies. Ultimately, the increasing Puell Multiple and rising Hash Rate signals strong network fundamentals for ZCash, which suggests that the price growth seen so far is not solely market speculation.  What’s Next For ZEC Price? As of this writing, the price of ZCash stands at around $714, reflecting an over 30% jump in the past 24 hours. Price action data shows that the ZEC coin is having the second-strongest annual performance in its history, having soared roughly 1,500% in the past year. In an earlier post on X, Wedson projected an extreme upside of around $1,650 for the price of ZCash. While the current ZEC price already suggests elevated risk for investors, reaching as high as $1,650 would represent full-on market euphoria. Related Reading: XRP Price To Reach $1,000 By End Of 2025? Rumor Mills Are On Fire With BlackRock Speculations Featured image from Shutterstock, chart from TradingView