The cryptocurrency rally followed the Federal Reserve’s 25-basis-point rate hike to 3.75%-4%, its first rate increase since July 2023.
- The broader crypto market recovered above $2.7 trillion after falling below that level ahead of the Federal Reserve’s rate decision.
- ZEC has gained roughly 160% this year, sharply outpacing Bitcoin.
- Zcash’s move also comes against a backdrop of major Zcash network changes, including Ironwood’s replacement of Orchard.
ZCash (ZEC) hit a record high on Thursday, leading gains among the top 10 cryptocurrencies by market capitalization and outperforming Bitcoin (BTC) during a broader crypto rally following the Federal Reserve’s first rate hike since 2023.
ZEC price rallied more than 13% in the last 24 hours, trading at around $1,350 at the time of writing, paring gains after crossing an all-time high of nearly $1,400.
Zcash was the top trending cryptocurrency on Stocktwits, with retail sentiment flipping to ‘bullish’ from ‘bearish’ over the past day and chatter rising to ‘normal’ from ‘low’ levels.
Zcash Gains Momentum From Ironwood, Ledger Support
The privacy token extended its rally after Zcash Labs announced a $80,000 funding agreement with Ledger to support integration of Zcash’s new Ironwood shielded pool into Ledger devices.
The agreement is designed to allow ZEC holders to self-custody funds in the Ironwood pool using Ledger hardware wallets.
Zcash’s latest rally also follows the outcome of a governance vote that backed faster transactions while preserving the network’s Bitcoin-style halving schedule. Nearly 2.4 million ZEC participated in the vote, with 99.9% supporting a reduction in block times to 25 seconds from 75 seconds. Another 98.9% backed keeping Bitcoin-style halvings, which reduce new ZEC issuance at predetermined intervals.
Bitcoin, Ethereum Trail ZEC Rally
Zcash’s gains were followed by Solana (SOL) and Ethereum (ETH), both altcoins that also outperformed Bitcoin. Solana’s price gained 3.2% in the last 24 hours to cross $100, while Ethereum’s price gained 1.5% but remained below the $2,500 mark.
On Stocktwits, retail sentiment around SOL continued to trend in the ‘extremely bearish’ zone while retail sentiment around ETH remained in ‘bearish’ territory over the past day.
Bitcoin’s price, meanwhile, edged 0.8% higher in the last 24 hours, just shy of hitting $76,500. It also saw retail sentiment in doldrums, trending in ‘bearish’ territory over the past day.
The overall cryptocurrency market climbed back above the $2.7 trillion mark, after slipping lower ahead of the Federal Reserve Open Market Committee (FOMC) rate decision yesterday. It saw around $344 million in liquidations, as per CoinGlass data, with over $200 million coming from short positions that were wiped out.
How Are Analysts Feeling About Crypto?
Analysts believe the cryptocurrency market is still on a slippery slope. According to MN Fund founder Michael van de Poppe, Bitcoin is facing resistance at current levels and will need to break through in order to make new highs.
Meanwhile, analyst Ted Pillows said Ethereum needs to close the week above $2,450 to avoid any further correction.
How Is Retail Feeling About Crypto?
Some retail traders on Stocktwits argued that the market had weathered both the CLARITY Act setback and the Fed’s rate hike, marking a potential bottom and an opportunity to buy.
View this Stocktwits post
One retail investor compared ZEC’s recent rally to Bitcoin’s earlier trajectory, pointing to its move from around $20 a few years ago and suggesting the token could have similar upside.
View this Stocktwits post
ZEC’s price has gained over 160% year-to-date, while Bitcoin has fallen nearly 13%
Read also: SK Hynix Says It's 'Exploring Options,' Denies Any Finalized Intel Chip Deal
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
