Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume,

Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume,

BeInCryptoBeInCrypto2024/11/27 06:30
By:Abiodun Oladokun

Zcash sees a 23% rally, propelled by a U.S. court ruling favoring Tornado Cash, pushing its price to a two-year high of $56.93 with strong market interest.

ZEC, the native token of privacy-focused protocol Zcash, has surged by 23% in the past 24 hours, making it the crypto market’s top gainer. It has outperformed major assets like Bitcoin and Ethereum, which rose by 1% and 3%, respectively, during the same period.

Currently trading at a two-year high of $56.93, ZEC appears poised for further growth. Here’s why.

Zcash Rallies, Thanks to Tornado Cash

ZEC’s double-digit rally mirrors the broader uptick in the values of privacy tokens over the past 24 hours, driven by a landmark US federal appeals court decision. 

The court struck down Treasury Department sanctions on Tornado Cash, a crypto-mixing service previously targeted by the Office of Foreign Assets Control (OFAC) in 2022 for allegedly facilitating illicit activities.

The ruling found that OFAC overstepped its authority, emphasizing that Tornado Cash’s immutable smart contracts do not qualify as “property.”  Since this ruling, the market capitalization of top privacy tokens has risen by 4%.

ZEC Reacts Positively

As of this writing, ZEC trades at $56.93, a price it last touched in October 2022. This surge has been accompanied by a significant uptick in trading activity, with volume reaching $175 million over the past 24 hours — marking a 68% increase.

When an asset’s trading volume climbs alongside its price, it indicates strong market interest and heightened activity among buyers and sellers. This combination suggests a sustainable price rally. The increased trading volume reflects greater liquidity inflow and widespread participation in the market rally.

Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume, image 0ZEC Price and Trading Volume. Source: Santiment

ZEC’s Aroon Up line on the daily chart confirms the strength of its uptrend, currently standing at 100%. The Aroon Indicator measures trend strength and direction by tracking the time since the highest high (Aroon Up) and the lowest low (Aroon Down) within a specific period.

An Aroon Up value of 100% indicates a recent new high, signaling strong upward momentum. In ZEC’s case, the Aroon Down line is at 7.14%, reflecting minimal downward pressure and further supporting the bullish trend.

Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume, image 1ZEC Aroon Line. Source: TradingView

ZEC Price Prediction:  A New High on the Horizon?

If the current rally persists, the ZEC token price will establish support at $57.20. Successfully achieving this may propel its price toward $66.98, a level it last reached in September 2022.

Privacy Coin Zcash (ZEC) Hits 2-Year High, Tops $175 Million Trading Volume, image 2ZEC Price Analysis. Source: TradingView

However, if profit-taking activity commences, the ZEC token price may fall to $49.29.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

2025 TGE Survival Ranking: Who Will Rise to the Top and Who Will Fall? Complete Grading of 30+ New Tokens, AVICI Dominates S+

The article analyzes the TGE performance of multiple blockchain projects, evaluating project performance using three dimensions: current price versus all-time high, time span, and liquidity-to-market cap ratio. Projects are then categorized into five grades: S, A, B, C, and D. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.

MarsBit2025/11/28 16:26
2025 TGE Survival Ranking: Who Will Rise to the Top and Who Will Fall? Complete Grading of 30+ New Tokens, AVICI Dominates S+

Mars Finance | "Machi" increases long positions, profits exceed 10 million dollars, whale shorts 1,000 BTC

Russian households have invested 3.7 billion rubles in cryptocurrency derivatives, mainly dominated by a few large players. INTERPOL has listed cryptocurrency fraud as a global threat. Malicious Chrome extensions are stealing Solana funds. The UK has proposed new tax regulations for DeFi. Bitcoin surpasses $91,000. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.

MarsBit2025/11/28 16:26
Mars Finance | "Machi" increases long positions, profits exceed 10 million dollars, whale shorts 1,000 BTC

How much is ETH really worth? Hashed provides 10 different valuation methods in one go

After taking a weighted average, the fair price of ETH exceeds $4,700.

ForesightNews 速递2025/11/28 15:05
How much is ETH really worth? Hashed provides 10 different valuation methods in one go

Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost

People tend to overestimate what can happen in two years, but underestimate what can happen in ten years.

深潮2025/11/28 14:53
Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost