Zcash and Monero Lead Gains as Crypto Market Remains Flat

In a relatively quiet crypto market, Zcash and Monero emerged as the top performers over the past 24 hours, while Bitcoin and Ethereum saw minimal gains. Bitcoin rose just 0.59% to $86,264.06, and Ethereum gained 0.34% to $2,714.39. The overall crypto market cap remained flat at just over $3 trillion, with most major coins showing little movement. Solana and XRP saw slight gains, while BNB and Tron experienced minor losses.

Zcash led the day's gains with a 3% increase, recovering from a recent pullback near its $1,600 peak. Monero followed closely with a 2.14% rise to $562.32. Despite these gains, Zcash remains about 19% below its late-September high of $1,698, and Monero trades 11% below its September peak of $632.86. The market's flat performance is attributed to recent macroeconomic factors, including the Federal Reserve's rate hike to 3.75%-4.00% and weaker-than-expected September jobs data.

The crypto market's stagnation is partly due to the Federal Reserve's rate hike on September 16 and the disappointing September jobs report, which showed only 29,000 new jobs compared to the expected 84,000. These factors have reduced the likelihood of another rate hike in October, creating a mixed outlook for risk assets. Despite the overall market calm, Bitcoin continues to show bullish momentum, recently flashing a second golden cross with its 100-day exponential moving average crossing above the 200-day.

Zcash's recent performance includes a significant 253% climb from a $480.72 base to its late-September high, driven by the launch of Grayscale's Zcash ETF and a 98.9% voter approval to maintain Bitcoin-style halvings. However, Zcash experienced a 19% pullback from its peak, partly due to a $30.25 million outflow from Grayscale's ETF. Monero, meanwhile, is consolidating in overbought territory but remains above key support levels.