Zcash Nears $900 as ZEC Hits Eight-Year High, Outperforming Bitcoin
TradingKey - Zcash (ZEC) Surges Toward $900 Mark, Hitting 8-Year High and Strongly Outperforming BTC.
On August 25, leading privacy coin Zcash (ZEC) hovered at high levels, up a slight 0.2% today to trade at $836.14, ranking 11th globally in market capitalization. Last Sunday, ZEC's price surged close to the $900 mark, reaching a high of $888 to set a nearly 8-year high, far outperforming Bitcoin (BTC).
ZEC price chart, Source: TradingView
Over the past 7 days, ZEC not only continued to hit new highs, gaining over 60%, while Bitcoin rose by only 20%, failing twice in its attempts to break the $80,000 mark. ZEC's parabolic surge and distinct "de-Bitcoinization" trend represent one of the most closely watched capital reallocations in the crypto asset market recently.
ZEC and BTC 7-day gains, Source: CoinMarketCap
ZEC's strong breakout marks a structural repricing of capital in the privacy asset sector, boosting other privacy coins to follow suit. Over the same period, Dash (DASH) gained over 40%, Tezos (XTZ) rose 16%, and Monero (XMR) climbed 6%.
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Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
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