Zcash Price Plummets by 12% as Bears Take Control

Zcash has plummeted by over 12% in the past day, leaving many to wonder if this is a healthy correction or the end of its recent rally.

The privacy-focused cryptocurrency rose to nearly $1,700 earlier this month, but bears have since taken control, pushing the price down to around $1,400.

Analyst Ardi remains bullish on ZEC, but acknowledges that losing support at $1,420 could lead to a slide towards $1,250 or lower. He notes that people often claim they'll buy during corrections, but when it happens, their bids are lowered.

Oxf562, a notable investor, recently sold 25,001 ZEC for over $37.8 million, sparking concern among smaller players and potentially triggering further panic selling.