Zcash's Privacy Surge Sparks Bull-Bear Divide as Price Hits $332

Zcash (ZEC) has surged to record highs, with its price climbing over 750% in three months and a market capitalization nearing $4 billion. The privacy-focused cryptocurrency, dormant for years, has reignited investor interest following bold predictions from industry figures and a confluence of market dynamics. Arthur Hayes, former BitMEX CEO, sparked renewed attention by calling for a $10,000 price target for ZEC, while Barry Silbert of Digital Currency Group added fuel to the fire with a BlackRock ETF comment.

The ZEC price hit $332.52 as of recent data, up 20.8% in a single day. This rally follows a multi-month ascent driven by speculative fervor and strategic narratives. Hayes' assertion that ZEC's trajectory mirrors the early days of Bitcoin and Ethereum has resonated with traders, particularly as the token's shielded transaction model—hiding sender, receiver, and amount—gains traction. Meanwhile, Silbert highlighted BlackRock's reluctance to launch a ZEC ETF as a potential catalyst for undervaluation, suggesting the market may be overlooking its long-term potential.

Market sentiment remains polarized. The Crypto Fear & Greed Index plummeted to a three-month low of 25, indicating extreme pessimism. However, technical analysts argue this could signal a buying opportunity. Clifton FX noted an ascending triangle pattern on ZEC's 8-hour chart, projecting a 100–150% upside if the price breaks above key resistance. Conversely, skeptics like DeFi analyst Ignas DeFi caution against a "reflexive loop" of FOMO-driven buying, warning that coordinated pumps could leave many as "exit liquidity".

ZEC's fundamentals also play a role. The token's shielded supply now accounts for 27.5% of its total, reducing sellable pressure by encouraging non-custodial holdings. Futures open interest has surged 22% in 24 hours to $303 million, outpacing growth in other major coins. Yet, volatility remains a double-edged sword. A three-sigma liquidation event erased $600 million in crypto futures bets, underscoring the risks of leveraged positions.

Looking ahead, ZEC's path hinges on maintaining momentum. The $281.35 support level—a midpoint between $270.95 and $292.22—could act as a critical test for the price's resilience. Analysts remain split: some see ZEC as a speculative play with no intrinsic value, while others view it as a privacy-first alternative gaining traction in a post-Surveillance Capitalism era. With institutional demand for ETH and BTC ETFs overshadowing altcoins, ZEC's ability to capture retail enthusiasm will be key to its next phase.

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