Following a substantial 62% increase over the past week, traders are now more optimistic about Zcash’s (ZEC) potential for an even larger near-term rise. The privacy-focused token was trading at approximately $379.89 on Friday, marking gains of 15% in the last 24 hours, 62% over the previous week, and over 77% monthly.
These developments have shifted predictions on Myriad, a market run by Decrypt’s parent company Dastan, with 60% odds now favoring ZEC reaching $420 by April. This represents a notable shift in sentiment from just a day prior, when 80% of predictors were against such an increase.
While it’s challenging to identify a single trigger for Zcash’s recent performance boost, the overall upward trend in major cryptocurrencies following the U.S.-Iran ceasefire agreement may have contributed. The broader privacy-focused crypto sector has seen a weekly rise of 21%, according to CoinGecko data. This growth is largely driven by ZEC and DASH, which saw a nearly 48% increase over the same period. In contrast, Monero (XMR) climbed 6.1%, while ZKsync (ZK) fell by 4.4%.
In comparison to major cryptocurrencies, Zcash has outperformed significantly recently. Bitcoin was trading at around $72,531 on Friday, up 9% over the past week, and Ethereum increased by 8.5% during that time, reaching approximately $2,226. Despite these gains, ZEC is still about 46% below its November peak of $698 and far from its all-time high of $3,191 in October 2016.
In March’s end, a critical vulnerability in Zcash node software was resolved, mitigating risks to millions of dollars worth of tokens.