Multicoin Capital built a large position in Zcash (ZEC), according to co-founder and managing partner Tushar Jain during Consensus Miami. The executive linked the purchase to the theory that private stores of value will become increasingly relevant as finance migrates to the blockchain.
Zcash (ZEC) surges 31.48% in 24 hours, reaching $567.38. The rally erases all yearly losses and pushes monthly gains above 100%, signaling renewed demand. Key drivers include institutional accumulation, greater retail access, and a short squeeze dynamic, although some analysts warn that limited on-chain support could challenge the sustainability of the move.
BitMEX co-founder Arthur Hayes says his target for Zcash is 10% of Bitcoin's price, arguing ZEC's latest rally is early innings despite mounting pressure on privacy coins.
ZEC records strong inflows, but outflows cast doubt on rally strength.
Zcash price surged more than 40% on Wednesday, briefly touching the $600 mark after Multicoin Capital co-founder Tushar Jain revealed the firm had quietly accumulated a significant position in the privacy-focused cryptocurrency since early 2024. According to data from crypto.
By the middle of the first week of May, the TOTAL2 index by TradingView, meaning the capitalization of altcoins excluding Bitcoin, stabilized above the psychological $1 trillion mark, reaching $1.051 trillion.
ZEC price prediction turns bullish as Zcash rallies 72%, breaks key levels, and CoinCodex projects upside toward $800.
The privacy coin extended its multi-month rally on Tuesday with $46.7 million in shorts liquidated, after Multicoin Capital disclosed a significant ZEC position.
Zcash has unexpectedly emerged as one of the cryptocurrency market's top performers, rising by about 69% over the past seven days and swiftly overcoming several resistance zones. Narrative rotation, institutional developments, and market positioning have all contributed to the aggressive and volume-backed rally.
MultiCoin Capital disclosed a significant ZEC position, citing wealth seizure risks as a catalyst for private assets.
Can ZEC surpass $1,000 sometime this year?
The purchase marks a shift from Multicoin's 2019 view, as ZEC has surged over 1,500% in the last year.