ZEC Breaks Nine-Year Downtrend Against Bitcoin

Zcash has broken a nine-year downtrend against Bitcoin, creating a signal of a structural reversal in the crypto market.

The ZEC/BTC pair broke above the top of a long-term descending line last week and is currently trading around 0.007904 bitcoin.

This move is seen as carrying more weight as a possible trend shift than as a short-term surge, with the price well above the 200-day simple moving average of 0.002567 bitcoin.

The crypto market's 'old rule' has ended, according to Chris Burniske, co-founder of Placeholder venture fund.

Burniske assessed the current Zcash up-cycle as fundamentally different from previous ones and described it as a 'stable macro foundation.'