The price of the digital currency Zcash soared 40% in one day…will the race to reach a new all-time high begin?

Amid strong optimism in the digital currency market, Zcash (ZEC) continues to attract attention as it rises by more than 40% in a single day, reaching its highest level since the end of last year.

The price of the currency rose to nearly US$600, pushing its market value to exceed US$10 billion, making it one of the largest digital currencies by market value, surpassing well-known projects such as Cardano and Monero.

It seems that the main trigger for this rise is after the investment company “Multicoin Capital” announced the construction of a large investment center in ZEC since February, while emphasizing the importance of a privacy-focused and censorship-resistant currency.

Momentum was also supported by overall positive performance in the market, with Bitcoin price in particular rising above $82,000 and many altcoins posting strong gains.

Some analysts believe that the rally may continue, and it is expected that if the current momentum is maintained, ZEC will hit a new high.

Trading data also showed large buying orders using leverage, reflecting high levels of confidence among some investors.

But on the other hand, risks still exist.

The relative strength index (RSI) has risen to very high levels, indicating that the currency is likely to enter an overbought condition, which could lead to a pullback or temporary decline.

Overall, ZEC appears to be on one of the strongest bullish waves in a long time, but whether this rally continues will depend on the market’s ability to maintain its current momentum.

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