Has Zcash (ZEC) Crossed From Comeback Story to Crypto Bubble?
Zcash (ZEC) has experienced one of the strongest rallies lately, rising 790% since October and outpacing all the top 10 cryptocurrencies in gains.
However, amid this bull run, skepticism abounds, with many questioning whether the ZEC rally represents a bubble that may soon burst.
Zcash Bulls vs. Bears: Is the Privacy Coin’s Comeback Built to Last?Zcash has emerged as one of the most talked-about assets in the crypto space. Its price rally has propelled it to multi-year highs, defying the broader market downturn.
ZEC currently ranks as the top-performing coin over the past 90 days. At press time, it was trading at $627, up more than 3% over the past day.
Zcash (ZEC) Price Performance. Source: BeInCrypto Markets
However, not everyone is convinced of Zcash’s potential. Some critics argue that the recent rally was primarily driven by KOLs’ (Key Opinion Leaders) shilling.
“The recent move in ZEC from 265 dollars to now is entirely driven by the noise from Arthur Hayes and Ansem, who probably started pumping ZEC out of nowhere over the past three weeks. They’re clearly shilling the top,” an analyst claimed.
Furthermore, traders have voiced concerns about parabolic price action, noting that such vertical moves often precede sharp corrections. Many are also betting against further price increases in the derivatives market.
“I’m bullish on the privacy thesis, but parabolic charts rarely sustain in the short run without a meaningful retrace. Too much short-term FOMO imo,” a trader stated.
— crypto bullet