ZEC Skyrockets as Grayscale Sparks Frenzy: Big Money Addresses Cross $10M

Zcash (ZEC) has emerged as one of the best-performing crypto assets this week. It surged past $150 on October 2nd after a staggering 54% increase in a single day. Over the last week, it has climbed by almost 140%. The latest surge catapulted the privacy coin to a high not seen since April 2022. Following the pump, ZEC has climbed to the 50th spot among cryptocurrencies, with a market capitalization exceeding $2.31 billion. Data now suggests that fresh money pours into ZEC as speculative capital continues to fuel the rally. Zcash’s Bullish Revival In its latest update, analytics platform Alphractal said that asset management giant Grayscale’s recent post, which revealed that Grayscale Zcash Trust (ZCSH) is open for private placement for eligible accredited investors, helped spark renewed market interest in ZEC and a strong rally. The Trust happens to be one of the first investment vehicles that allows investors to gain exposure to ZEC in the form of a security while avoiding the challenges of buying, storing, and safekeeping the token directly. ZCSH’s assets under management (AUM) stand at more than $46 million, with a net asset value (NAV) per share of $9.70 as of Thursday. On-chain metrics support this momentum, as ZEC broke above its Realized Price, which is a historically bullish indicator. Large investors also appear to be increasing exposure, as the number of addresses holding over $10 million has climbed. Additionally, the Delta Growth Rate has turned positive, which points to fresh speculative capital flowing into the asset and fueling demand. Complementing this trend, its MVRV Z-Score has moved into positive territory, which further signaled that “ZEC’s bull run is in full swing.” Pseudonymous analyst ‘ant’ reviewed ZEC’s chart on Kraken, as it is the only exchange with sufficient historical records to capture the asset’s long-term performance, and found that its price action could extend as high as $216, citing the privacy coin’s broad monthly trading range. Naval Ravikant’s Zcash Endorsement On the ideological front, prominent entrepreneur Naval Ravikant recently remarked that “Bitcoin is insurance against fiat, while Zcash is insurance against Bitcoin.” His tweet essentially frames Bitcoin as a hedge against government-controlled monetary systems, which offer a decentralized alternative to traditional fiat currencies. With its focus on privacy and advanced cryptographic techniques, Zcash, on the other hand, provides an added layer of protection by addressing Bitcoin’s lack of transactional confidentiality. Former BitMEX CEO Arthur Hayes shared a tweet recounting his dinner with Ravikant, during which the latter reportedly recommended ZEC. Hayes admitted that he “aped” into the privacy coin despite his brokers advising against trading, The post ZEC Skyrockets as Grayscale Sparks Frenzy: Big Money Addresses Cross $10M appeared first on CryptoPotato .