ZEC Up 3.71% on OCT 31 Amid Privacy-Driven Rally and Institutional Adoption

ZEC surged by 3.71% in the past 24 hours on October 31, 2025, reaching $363.4 per token. Over the past week, the altcoin has gained 10.16%, while its year-to-date appreciation stands at a remarkable 536.89%. The continued upward trajectory has drawn attention from key industry figures and institutions, with ZEC now trading at a market cap exceeding $5.8 billion.

Arthur Hayes, co-founder of BitMEX, has once again positioned ZEC as a bullish bet, calling for a move toward $400 on October 31. This follows an earlier comment from Hayes on October 30, where he claimed ZEC could reach as high as $10,000. His bullish stance adds to growing institutional interest in the privacy coin, particularly as Zcash’s shielded supply grows to 4.5 million tokens—approximately 28% of the total supply—utilizing zk-SNARKs technology to enable private transactions.

Behind this technical milestone is a broader market narrative favoring privacy-focused assets. With increased adoption from wallets and exchanges, Zcash’s privacy-centric infrastructure is gaining traction, particularly as global regulations tighten and surveillance becomes more pervasive. Analysts suggest that ZEC’s growth in shielded supply not only strengthens its core value proposition but also signals renewed institutional confidence in its long-term utility.

Technical indicators further support the positive momentum. ZEC’s RSI stands at 71.8, suggesting strong buying pressure, while a bullish MACD crossover reinforces the uptrend. Daily trading volume has surged above $730 million, and the token’s chart structure continues to form higher highs and lower lows. Analysts project that key resistance levels at $370 to $400 are within reach, with a breakout potentially leading to a new price target in the $450–$500 range in the coming weeks.

Grayscale’s Zcash Trust has also seen significant growth, with assets under management surpassing $137 million, hinting at the potential for an ETF conversion. This institutional backing could further accelerate the rally, particularly as ZEC seeks to reclaim its position within the top 20 cryptocurrencies by market cap.

Backtest Hypothesis

Given ZEC’s recent technical performance, a backtesting strategy could be built around its RSI-14 and MACD indicators. The goal would be to validate the sustainability of the bullish trend and identify potential entry and exit signals. For example, a long entry might be triggered when the RSI-14 dips below 30 and the MACD line crosses above the signal line, with an exit triggered when the RSI climbs above 70 or the MACD line crosses below the signal line.

The strategy would rely on precise historical data, including daily close prices and volume. Since the RSI and MACD data for ZEC were initially unavailable due to a ticker identification issue, the next step would be to fetch the raw price series and compute the indicators locally. This would involve using the daily close prices to calculate RSI and MACD, ensuring the backtest reflects the same conditions as the current market setup.