Privacy Coins Zcash and Monero Rise as Crypto Market Stagnates
Bitcoin has seen a period of relative calm after weeks of strong gains. As of now, it trades at $86,264.06, up just 0.59% over the last 24 hours. Ethereum is up 0.34% at $2,714.39, while the broader crypto market remains flat around $3 trillion. Most major coins are showing minimal movement, with Solana and XRP gaining slightly, while BNB and Tron see minor losses.
The standout performers today are privacy coins Zcash and Monero. Zcash is up 3%, recovering from a recent pullback, while Monero has gained 2.14% over the last 24 hours. Zcash’s rise is still ongoing, with a 2.62% increase on Binance since the day’s candle opened. Monero, meanwhile, is riding a spike that began yesterday.
The overall market’s flat performance can be attributed to recent economic events. The Federal Reserve raised interest rates to 3.75%-4.00% on September 16, and the September jobs report showed weaker-than-expected job growth, reducing the likelihood of another rate hike in October. This has created a neutral environment for risk assets like cryptocurrencies.
Despite the market’s calm, Bitcoin continues to show bullish momentum, having recently flashed a second golden cross. However, it remains below resistance at $87,354. Zcash, while up today, is still about 19% below its late-September high of $1,698. Monero is trading 11% below its September peak of $632.86. Both coins appear to be consolidating rather than breaking out.