Zcash Surges Past $23B Market Cap Amid Bearish Momentum Divergence

Zcash's price surged to a fresh high of $1,396 after the Federal Reserve raised its benchmark rate by a quarter point. The move was largely priced in, and crypto rallied instead of selling off. Bitcoin traded above $76,000 while Zcash led gains across major tokens.

The breakout above $1,300 resistance zone validated the bullish RSI divergence that formed in early September. Analyst Crypto Patel had warned before today's move that a rejection below this supply area would open downside toward $800 first and $500 as a major demand zone.

Shorts took almost all the damage in Zcash derivatives, losing $51.63 million over 24 hours against just $6.17 million for longs. Yet traders keep betting short anyway, Binance's account ratio sits at 0.39, more accounts positioned short than long even as those bets keep blowing up.

Zcash holders voted overwhelmingly for faster transactions and kept the network's Bitcoin-style halving schedule in a governance vote for the upcoming NU7 upgrade. The vote used Zcash's shielded technology, letting holders vote with their real economic weight without revealing wallet balances.