Zcash Defies Market Consolidation With 500% Price Pump, Hedera Price Looks Bullish After ETF Debut

While the crypto market has been in consolidation for most of October, Zcash (ZEC) has been the standout gainer. As demand for privacy-focused coins surges to multi-year highs, the price of ZEC has pumped by 500% over the last 30 days, leading the top gainers chart.

Another top coin on the gainers chart is Hedera (HBAR). On the weekly timeframe, the price of HBAR has gained over 20 percent since the opening of the Hedera spot Exchange Traded Fund (ETF) on the NYSE. On-chain metrics also suggest that the HBAR price could rally even higher.

Zcash Pumps By 500% As Demand for Privacy-Focused Coins Increases

The crypto market has been in consolidation after the mid-October crash. Defying the market trend, the price of Zcash (ZEC) has been pumping. Over the last 30 days, the price of ZEC has increased by more than 500% and now trades above $360, its highest value since May 2021.

In September, ZEC traded as low as $40. The recent price pump of Zcash comes amidst a renewed demand for privacy-focused coins in the market. 

The shielded supply of ZEC tokens on the network has surged to 4.5 million, a new all-time high. Shielded tokens are an additional privacy service that locks ZEC in private addresses that utilize zero-knowledge proofs (zk-SNARKs) that effectively “shield” their transaction history. 

With shielding, transactions can be validated without revealing the details of the sender, receiver, or amount. The resurgence of privacy-focused coins is notable because coins like ZEC faced delisting from top exchanges due to regulatory pressure. 

As the hype continues, a leading Bitcoin OG, FarzadXBT, is super bullish regarding ZEC, forecasting that the altcoin may soon rise to $1,000.

Hedera Pumps 20% As HBAR ETF Goes Live

The price of Hedera continued its steady climb on Thursday, extending its gains by over 20% so far this week. With the pump, the price of HBAR has climbed above $0.200 for the first time since the mid-October market crash. 

The price pump comes amidst the launch of the Canary Capital spot Hedera ETF on the NYSE. In its first day of trading, the HBAR ETF attracted over $8 million in trading volume, signaling high demand for the product.

In addition, on-chain metrics of HBAR remain bullish, with whale accumulation rising and momentum indicators showing strengthening upward traction. CryptoQuant’s data shows that HBAR recorded a transaction volume of $1.17 billion after the launch, the highest since July 19.

With the bullish on-chain data, analysts like CAI SOREN have predicted that the price of HBAR could keep rising. Highlighting the formation of a bull flag pattern on the 1W chart, the CAI SOREN said that Hedera is ready for liftoff and could pump to a target as high as $0.64240.

In Summary

The price pump for Zcash and Hedera, while the broader crypto market consolidates, is backed by strong fundamentals and rising demand. If this demand continues, ZEC and HBAR could continue on their strong price rallies, possibly hitting the targets set by market analysts.