The privacy-centric cryptocurrency ZCash (ZEC) is currently experiencing a period of significant market momentum, setting new price records even as the broader digital asset market shows signs of weakness. Having recently broken into the top 20 largest cryptocurrencies by market capitalization, ZCash's impressive performance is now being fueled by underlying on-chain data indicative of widespread investor euphoria.
Unprecedented Miner Profitability Signals Continued Growth
The recent surge in ZCash's value is underscored by key on-chain metrics, particularly the Puelt Multiple. As highlighted by Alphractal CEO and founder Joao Wedson, this metric—which compares an asset's issuance value to its 365-day moving average—has reached an all-time high for ZCash. This indicates exceptionally high profitability for ZEC miners and suggests that despite its rapid ascent, the cryptocurrency may still have considerable room for further upside movement. Accompanying this is a rapidly rising Hash Rate, signifying that miners are dedicating increasing computational power to the ZCash network. In the world of cryptocurrencies, a strengthening hash rate is often a precursor to sustained price rallies, confirming robust network fundamentals beyond mere market speculation.
ZEC's Soaring Price and Future Projections
Currently trading around $714, ZCash has demonstrated an astonishing 30% jump within the last 24 hours alone, contributing to an approximately 1,500% gain over the past year. This marks ZEC's second-strongest annual performance to date. Looking ahead, Wedson has put forth an ambitious "extreme upside" projection, envisioning ZCash potentially reaching as high as $1,650. While the current price already suggests heightened risk for investors, achieving this target would firmly place ZCash in a state of full-blown market euphoria, drawing considerable attention to this standout performer in the crypto space.
