The crypto market saw a surprise rally early Wednesday, which saw over $600 million in liquidations, sending Bitcoin and altcoins higher.
"The path looks open for a continued rally," one X user argued.
Zcash surged 25% to nearly $335 following the announcement of a ceasefire between the U.S., Israel, and Iran. The rally pushed ZEC's weekly gains to 33%, significantly outperforming bitcoin and bringing its market capitalization to $5.4 billion, nearing its competitor monero.
The US–Iran ceasefire flipped macro sentiment, helping ZEC rebound after a ~75% drop from its 2025 high near $750.
Zcash (ZEC) delivered a robust performance on Tuesday, April 7, advancing more than 5% from $256.45 to approximately $269. Currently, ZEC is changing hands at $269.66 with a market valuation of $4.48 billion, per CoinMarketCap data.
ZEC rallied above $320 on a mix of short squeeze liquidations and the improved sentiment of the crypto market following a two-week Iran ceasefire.
The Zcash price has displayed an exceptional rise of nearly 23% in the past 24 hours, reaching $322.50 with a nearly 200% increase in volume. The token is pushing higher, but this isn't the breakout that traders were hoping for. After weeks of consolidation, the price has surged into a critical resistance zone near $330.
Zcash surged 28.13% to $323.53 as altcoin action skewed positive. LayerZero, Rain, Sui, and Ethena also advanced.
Zcash price has rallied over 20% in the past month, surpassing the $250 mark.
At press time, Zcash [ZEC] was up 3.25% over the past 24 hours. In addition to the price jump, ZEC has also recorded strong participation from traders and investors, as reflected in the trading volume, which surged over 32% to $267 million.
With trading volume rising by more than 70% in a brief amount of time, Zcash is seeing a noticeable uptick in market activity. Major platforms like Binance, OKX and MEXC are all exhibiting high participation, so this spike is not exclusive to one exchange.
Ever since its rejection from the 2025 highs above $740, the Zcash price has remained trapped within a strong descending trend. Besides, the start of the monthly trade was not explosive but rather a sustained one.