Zcash Price Hits Ten-Year High on 2,413% Yearly Gain

Zcash, a privacy-focused cryptocurrency, has seen its price surge to a ten-year high of $1,290 on Wednesday. This milestone marks a significant gain for ZEC, with the token now up 2,413% in the past year.

The rally began at the start of September, when Zcash resolved a bullish pennant formation, leading to its current surge higher. The price increase has pushed ZEC's market capitalization to $21.62 billion, placing it among the top ten cryptocurrencies by market cap.

A recent report from Lookonchain suggests that large-scale buying pressure from whales may be contributing to the rally. Three wallets spent 3,700 ETH and 2 million USDC to buy 8,994 ZEC worth $11.23 million, with these wallets still actively purchasing the token.