Zcash on Verge of Top-10 Breakthrough
Zcash (ZEC) has been making waves in the cryptocurrency market, and its recent surge may be enough to push it into the top-10 ranking. With a current market capitalization of $19.3 billion, ZEC is just behind Hyperliquid (HYPE), which has a valuation of around $19.87 billion.
The gap between the two assets is relatively small, with only about $570 million separating them. If ZEC's market capitalization stays the same, it would need to trade above $1,178 to surpass HYPE.
However, this target is not far off, given that ZEC currently trades for around $1,144 and has a 24-hour trading volume of over $1.07 billion. Over the past seven days, ZEC has also increased by about 1.15 percent, while HYPE has decreased by more than 6 percent.
Despite several corrections, ZEC has managed to stay above $1,000 since August, when it was trading at around $500. The price is currently higher than its major moving averages and has cooled from overbought territory, suggesting that some of the excessive momentum has been eliminated.