F2Pool Founder Calls Zcash Crypto Rally A ‘Narrative Bid’ As ZEC Price Eyes $1,200

Key Insights:

• Zcash crypto climbed about 45% in a week and 140% over the month, briefly entering the top 10 by market capitalisation.
• ZEC price reached $1,249, its highest level since 2016, before pulling back towards $1,145.
• The rally has been driven by ETF demand, the Ironwood upgrade, short liquidations, and renewed interest in privacy.

Zcash crypto rally has become one of the strongest moves in the market, with the ZEC price reaching $1,249 before giving up some of its gains. At the time of writing, market data show that ZEC was trading around $1,145.45, down 3.7% over 24 hours.

Zcash Crypto Rally Pushes ZEC Price Toward $1,200

The move becomes more notable across longer timeframes. Zcash (ZEC) crypto price had gained around 45% in one week and 140% in one month. Its market capitalisation also briefly moved into the top 10, reaching about $19.31 billion. Daily trading volume stood at roughly $1.06 billion.

However, the sharp rise has also brought questions about what is really behind the move. The latest rally is not being linked to one event alone. Instead, several factors have arrived at almost the same time. The biggest change came from the US market, where Grayscale converted its Zcash Trust into ZCSH, described in the supplied material as the first US spot ZEC ETF.