Zcash Celebrates Its Ninth Birthday with a Jaw-Dropping 470% Surge Translation: Zcash Celebrates Its Ninth Birthday with a Jaw-Dropping 470% Surge

The Zcash rally, which coincided with the ninth anniversary of the project’s launch, sparked debates within the crypto community. Some experts view it as a demonstration of market narrative creation and a distribution phase, while others see it as the onset of a new bullish trend.

At the time of writing, the asset is trading at around $320, having surged approximately 470% in just one month.

The rise of altcoins began in September, spearheaded by anonymous tokens such as Zcash and Dash.

Ignas, the founder of the Pink Brains studio, described ZEC’s price increase as an example of market narrative formation and viral dissemination.

He explained that the sudden emergence of an “old dinosaur coin” in public discourse triggers a reflexive loop. The price increase garners more attention, intensifying the fear of missing out among external observers.

In such a scenario, users have two options: ignore the topic or succumb and purchase the asset. Once purchased, individuals become propagators of the narrative, promoting the coin on social media.

CryptoQuant’s CEO, Ki Young Ju, shared a similar perspective, stating that Zcash is currently in a distribution phase.

*“Sorry, but if you’re buying Zcash now, you’re a retail investor,”* he commented.

Former BitMEX CEO Arthur Hayes posted a brief update with the phrase “market check” alongside a prediction of ZEC reaching $10,000.

Investor Eric Van Tassel indirectly agreed with him, criticizing analysts who label ZEC’s rise as yet another «pump and dump» scheme based on previous price movements.

He pointed out that past unsuccessful rallies occurred within a long-term consolidation structure. In contrast, the current price increase followed a breakout from this pattern, fundamentally altering the situation.

*“The Zcash pump is legitimate because it breaks the macro structure. Those ‘analysts’ who think this will just be another failed rally are mistaken beyond belief,”* Van Tassel asserted.

He added that sound analysis always takes into account any breaks in structure or trend concerning the asset’s entire history.

It’s worth noting that on October 10, the price of ZEC reached $230 for the first time since 2022.