BitMine Continues To Buy the Dip, But Zcash Keeps Pumping As Shielded ZEC Hits New ATH

The early Uptober rally has fizzled out with massive price drops in mid-October. While the Ethereum price continues to battle with bearish pressure, BitMine has continued to increase its ETH stash, as it doubles down on its acquisition strategy.

While investors and analysts expect the price of Ethereum to break out of the downtrend, Zcash continues to outperform the top cryptos. The price of Zcash has pumped by 400% in the last 30 days, and with shielded ZEC hitting a new all-time high, analysts expect its price to rise even higher.

Ethereum Drops Again, BitMine Continues To Stack ETH

After briefly reclaiming the $4,000 support level to start this week, Ethereum (ETH) has once again succumbed to bearish pressure. With sweeping downtrends across the market, the Ethereum price has dropped back to the $3,800 level. 

BitMine, the biggest corporate holder of Ethereum, has doubled down on its strategy, purchasing ETH as its price dips. The company purchased 379,271 ETH last week and has already added 63,538 ETH to its balance sheet this week, as reported by Arkham Intelligence.

Since the Ethereum price dips, BitMine has bought ETH coins worth around $1.74 billion at current prices. With the latest purchase, BitMine’s total Ether holding now sits around 3.17 million ETH, giving the company control of 2.74% of Ethereum’s total circulating supply.

The actions of BitMine highlight a belief that the Ethereum price is undervalued and could rally soon. One of the foremost crypto analysts, Mister Crypto, tweeted that the last dump is just a bear trap. The analyst predicts that $ETH will explode to the upside, with previous predictions suggesting that Ethereum could reach a new ATH of about $5,500.

Zcash Keeps Pumping As Shielded ZEC Hits New ATH

Despite the market-wide crash, Zcash (ZEC) has continued its massive price pump, which began in late September. Over the last 30 days, the price of ZEC has increased by 400%, rising from $54 to briefly trade at $285, before settling around $250. 

While the return of interest in privacy coins in general sparked the rally for Zcash, ZEC has maintained the increase with strong fundamentals. As ZEC trades above $250, it is holding above the 20-day EMA, which is maintaining the uptrend. In addition, ZEC Stochastic RSI has bounced up from the oversold zone, supporting the uptrend continuation.

ZeroBits has also reported that the supply of shielded ZEC coins has risen to a new all-time high, following retail deposits of 1,000 ZEC in the last 24 hours. According to the report, there are now 4.71 million shielded ZEC coins, worth about $1.2 billion, adding more fuel to the renewed adoption of privacy coins.

With the strong performances of Zcash, AltcoinArdi says that ZEC is now showing very strong signs of accumulation. With the ZEC chart looking similar to an Adam and Eve reversal, the analyst predicts that if the altcoin breaks above $270 and holds this support, it could target the $360 mark. 

In Summary

The increase in price of Zcash as the other leading cryptos, such as Ethereum, are moving in a bearish direction, underscores the trend shift towards privacy-oriented coins. The ZEC price can continue to increase in the short run, accompanied by good technical and fundamental support.