October, historically a bullish month, has not seen major increases for Bitcoin and altcoins as anticipated. This is attributed to a significant market collapse on October 11, known as "Black Friday," exacerbated by renewed tariff tensions between the US and China.
While BTC and altcoins began the new week with an upward trend, driven by increasing expectations of a Federal Reserve interest rate cut and approaching China-US talks, one altcoin diverged from the market's movement.
Zcash (ZEC), one of the cryptocurrency industry's oldest pioneers, distinguished itself with a notable price increase.
Zcash saw a 22.4% rise in the last 24 hours and an impressive 540% increase over the past month, surpassing the $360 mark.
Factors Driving Zcash's (ZEC) Ascendancy
The sudden and sustained rise of ZEC after a prolonged period of quiet has prompted investors to question the reasons behind its surge.
Zcash's recent upward trajectory is viewed as a continuation of the momentum initiated by Grayscale earlier in October, which began to influence ZEC's price.
However, the latest surge was significantly amplified by a bold prediction from BitMEX founder Arthur Hayes regarding Zcash's price. Hayes' forecast of a $10,000 price target for ZEC ignited a massive wave of FOMO (Fear Of Missing Out) and social media buzz among investors, contributing to the substantial price increase within a 24-hour period.
Furthermore, in early October, Grayscale, a prominent digital asset manager, announced the establishment of a new ZEC fund. This initiative allows eligible investors to gain exposure to Zcash. Industry experts suggest that this move could also indicate Grayscale's intention to pursue a ZEC Exchange Traded Fund (ETF) in the near future.