Zcash (ZEC) Explodes to an 8-Year High, But an Analyst Warns of a Major Crash

ZEC is one of the best-performing top 100 cryptocurrencies over the past week, with its price surging by nearly 65%.

And while many market observers believe the bulls aren’t done yet, one analyst warned that a violent move south could come next. Here’s why.

ZEC is Not BTC

The cryptocurrency market has enjoyed a sudden and evident resurgence over the last several days, following the monetary policy changes in the US announced by the Treasury Department, among other factors.

ZEC caught the green wave and rallied harder than BTC, ETH, XRP, and many other popular cryptocurrencies, probably because another catalyst directly affected it. As CryptoPotato reported, the leading digital asset manager Grayscale revealed discussions with a Digital Currency Group (DCG) subsidiary over a contribution of roughly 200,000 ZEC to its Zcash Trust. Later, it was revealed that the product would be converted into an ETF, with the launch scheduled for August 25.

ZEC’s price briefly jumped to roughly $880 on August 23, representing the highest mark since January 2018. In the following hours, the bulls lost some steam, and the asset currently trades at around $848 (per CoinGecko), with a market capitalization of over $14 billion.

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