With the arrival of the historically bullish month of October, expectations for a rally for Bitcoin and altcoins are also increasing.
However, while BTC and altcoins are still unable to experience a major breakthrough, some altcoins are decoupling from the market with their rise.
While Binance Coin (BNB) is at the forefront of these altcoins, breaking records one after another, Zcash (ZEC), one of the oldest pioneers of the privacy‑focused cryptocurrency sector, is also making a name for itself with its rise.
Zcash, which has increased by 35% in the last 24 hours and 260% in the last month, reached $180.
Why Is Zcash (ZEC) Rising?
The sudden rise of ZEC after a long period of silence has brought this question to investors' minds: Why is the price of Zcash rising?
According to experts, one of the primary reasons for this surge in ZEC's price is new institutional access. As you may recall, Grayscale, one of the largest digital asset managers, recently announced a new ZEC fund that allows eligible investors to invest in Zcash. Experts even argue that Grayscale's move signals that it will soon apply for a ZEC ETF.
Another catalyst for ZEC's rise, according to experts, has been the posts and praise from prominent figures like American venture capitalist Ravikant and Mert Mumtaz, CEO of Solana‑based company Helius Labs. This has accelerated ZEC's rally after three years of stagnant sideways trading.
While Zcash made a name for itself with its rise, the altcoin AB, listed on Binance Alpha, fell more than 97% in one day.
The AB token, listed on Binance Alpha, experienced an unusual drop of approximately 97% in just two minutes on October 9.
Since then, the token has recouped most of its losses and is currently trading at around $0.008.
Binance Alpha, which announced its EU listing on June 7, is an on‑chain trading platform within Binance Wallet that focuses on listing early‑stage tokens.
*This is not investment advice.