Why ZEC Coin is Surging? Fresh $2.4M Profit Boosts Price Rally

ZEC Coin is Surging Past $500 as Whale Bags Profit: Is $1,000 Next?

The ZCash price has become the recent focus point in the crypto market as a fresh whale secured a staggering $2.4 million profit from a $15M ZEC long position. This aligns with the token’s notable upward trajectory, with the price soaring above $500. Now, investors and traders are keenly watching to see why the ZEC coin is surging.

Whales Rakes in $2.4M Profit $15M ZCash Long Position

According to a recent X post by Onchain Lens, a newly created wallet has secured notable $2.4 million gains from its ZCash long. Three days ago, this wallet deposited $2.19 million worth of USDC into HyperLiquid and opened a long position in ZEC with 5x leverage. The position, currently valued at over $15 million, consists of 30,000 coins and boasts a floating profit of $2.4M.

The recent price rally, alongside market interest, has probably been influenced by this big investment and profit. The increase is due to the ZEC price rising beyond the $500 mark, but it could, again, support the current price rally even more. Apparently, this feedback loop might add up to the price going even higher. The cryptocurrency’s price action has been under the spotlight of both traders and investors; thus, the latter are already guessing about the extent of future profits.

How High Can It Go?

As of press time, the altcoin is trading at $510, marking a substantial hike of 22% in a day. Over the past week and month, the altcoin has seen more notable upticks of 47% and 251%, respectively. However, the 24-hour trading volume has plummeted to $1.58 billion, down by 18.5%.

As per expert predictions, ZCash is poised to continue its upward trajectory and soar above $1,000, joining the ranks of top players like Bitcoin, Ethereum, and BNB. As the cryptocurrency shows bullish signals, its next near-term target is $580.

Why ZEC Coin is Surging?

One of the key contributors to the ZEC price surge is Arthur Hayes’ backing. Recently, BitMEX co-founder Hayes outlined a compelling three-part narrative supporting a new Zcash bull case. He noted, “I think that 10% to 20% of the value of Bitcoin quite quickly is something that Zcash could achieve.” The three pillars include,

• Technical maturation: The Halo 2 upgrade has tackled the issue of trusted setup and, consequently, has increased the credibility of the protocol.

• Growing demand for privacy: The growing use of on-chain transactions and the necessity of complete anonymity are the main factors that drive the demand for privacy features.

• Supply inflection: The expected halving event in November will cut the supply in half, which may lead to a significant increase in price movement.

Another major catalyst was the listing of the perpetual futures of the token on OKX with 50x leverage on November 6. This event sparked a surge in open interest, reaching $115 million. This development is bullish for the crypto, as derivatives access attracts speculative capital and amplifies demand.