Privacy-focused crypto Zcash [$ZEC] temporarily broke above $1,000 as a fresh new demand pushed the coin into the market’s top-ten.
Trading volume increased heavily, but ZEC has fallen below four figures at the time of writing.
Zcash enters the top ten
ZEC was trading at around $979, which was a 13.8% increase over 24 hours, according to CoinMarketCap data.
At $16.5bn, Zcash has shot up to the tenth position on the table of top crypto assets by market value but it could change as prices continue to shift.
Trading volume increased by 173% for a trading volume of $1.62 billion, meaning that much ZEC changed hands in the previous 24 hours.
Even with the gains ZEC has had recently, it has been recovering from being below $500 back in August, so there has been a continuous trend upward since then with prices going past $800 to reach $1,000 for the first time.
The broader crypto market has also recovered, providing a more favourable environment for ZEC, but the available data does mean there’s a single cause for its latest jump.
Can ZEC remain above $1,000?
ZEC reached $1,027.80 before falling back to around $981, and the retreat suggests that some holders sold after the price crossed the closely watched $1,000 mark.
That does not remove the upward move it has recently seen, but means buyers are yet to make the move above the new milestone hold for longer.
ZEC has also seen a quick rise in a short period, with daily momentum reading 78.33, indicating that there has been a lot of buying, and this could lead to wider price deviations as the early buyers cash in.
If it gets back above $1000 and the price trades again above $1028, we might still see strong demand. If the pullback continues, though, a point of interest for the first sign that buyers are willing to step in again would be somewhere around $900.
Final Summary
- ZEC briefly exceeded $1,000 as its market value reached $16.5 billion.
- Trading volume jumped 173%, but the price had returned to around $980.
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