Source: X
Cypherpunk announced that it has acquired a total of 203,775 ZEC, valued at about 50 million. Meanwhile, the Grayscale Zcash Trust has grown to a total of $200 million in assets under management.
Rising demand for privacy-centric coins amid the criminalization of privacy rights
The impressive performance of ZEC is largely influenced by the rising demand for privacy-centric crypto projects amid the notable criminalization of privacy rights globally.
For instance, the new European Union’s Anti-Money Laundering (AML) rules say people within this region can only transact up to €10,000 in cash payments. Additionally, the European Union expects crypto projects to verify identities for transactions greater than €1,000, in addition to banning privacy accounts and coins.
What’s Next for ZEC?
After outperforming almost all other mid-capped altcoins in the past few months, the ZEC price is well-positioned to continue in the same trend ahead. The large-cap altcoin, with a fully diluted valuation of about $12.1 billion, recorded a 32% surge in its daily volume to hover around $2.09 billion at press time.
From a technical analysis standpoint, the ZEC price is well-positioned to rally exponentially to reach $1000 soon. However, ZEC price must consistently close above $690 in the coming days to invalidate potential retrace towards $223 soon.
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