Zcash (ZEC) Price: Why Bitcoin Holders Are Looking at This Privacy Coin
TLDR
- VanEck CEO Jan van Eck questioned whether Bitcoin has enough encryption and privacy during a CNBC interview on Friday
- Van Eck said some longtime Bitcoin holders are examining Zcash for its stronger privacy features as the market reassesses assumptions
- Zcash (ZEC) has surged to become the 13th-most valuable cryptocurrency with a market cap of $9.43 billion, trading at $578.35
- OKX announced on November 23 that it will relist Zcash, with ZEC/USDT spot trading resuming on November 24 at 12:00 UTC
- Bitcoin was trading around $86,204 as of Sunday morning, down 7.7% year to date and 31.6% below its all-time high
Bitcoin’s privacy features came under scrutiny this week after VanEck CEO Jan van Eck raised questions about the network’s encryption and privacy capabilities. His comments during a CNBC interview sparked fresh interest in Zcash, a privacy-focused cryptocurrency that has seen dramatic price gains in recent weeks.
Zcash (ZEC) Price
Van Eck told CNBC’s Power Lunch that questions about Bitcoin’s encryption and privacy are now central topics within the Bitcoin community. He said these issues go beyond typical market movements.
The VanEck CEO explained that some longtime Bitcoin holders have started looking at Zcash as an alternative. He described Zcash as related to Bitcoin but with stronger privacy features.
Van Eck pointed out that Bitcoin’s transparent ledger allows anyone to see transactions move between wallets. This transparency conflicts with growing expectations around transaction privacy, he said.
He emphasized that VanEck evaluates Bitcoin the same way it assesses traditional assets. The firm has existed longer than Bitcoin and would walk away if the thesis becomes fundamentally broken, he explained.
After the interview, van Eck posted on X that the current Bitcoin bear market reflects onchain realities of the halving cycle, quantum encryption concerns and Zcash’s better privacy features. Bitcoin was trading around $84,643 during the interview and reached $86,204 by Sunday morning.
Industry Response and Technical Concerns
The comments drew mixed reactions from the crypto community. Ethereum co-creator Vitalik Buterin warned at a November 17 conference in Argentina that quantum computing could threaten elliptic curve cryptography.
Scott Aaronson, a quantum computing researcher at the University of Texas at Austin, wrote on November 13 that a quantum computer capable of breaking current encryption could be built before the 2028 presidential election. He cited the current rate of hardware progress as making this a live possibility.
Some Bitcoin advocates pushed back hard against van Eck’s statements. Samson Mow, CEO of JAN3, criticized van Eck on X and suggested he stay away from Bitcoin discussions entirely.
Zcash Price Surge and Exchange Relisting
Zcash has benefited from the increased attention to privacy features. The ZEC token climbed to $578.35, up 17.3% in the past 24 hours and 121.3% over the past 30 days.
The cryptocurrency has gained 930% year to date. On September 24, ZEC traded near $55.06.
Zcash now ranks as the 13th-most valuable cryptocurrency with a market capitalization of $9.43 billion. The token posted a 10% gain in the past 24 hours following exchange news.
OKX announced on November 23 that it will relist Zcash after previously delisting the privacy coin in January 2024. The exchange will resume ZEC/USDT spot trading on November 24 at 12:00 UTC.
Deposits opened immediately after the announcement. Withdrawals will become available two hours after trading begins.
The relisting represents a reversal for OKX, which had removed Zcash, Monero and Dash as part of regulatory compliance efforts in early 2024. The exchange serves a large Chinese-speaking user base.
Technical analysis shows Zcash trading at $574.31 with potential for further gains. The MACD indicator approaches a possible bullish crossover as selling pressure decreases.
The RSI sits near the mid-40 area after previous oversold conditions. This leaves room for additional upside if market sentiment remains positive.
Support rests at $550 if downward pressure returns. The first upside target sits at $620, which represents a major short-term resistance level. A breakout above that level could push the price toward $700.
The post Zcash (ZEC) Price: Why Bitcoin Holders Are Looking at This Privacy Coin appeared first on CoinCentral.
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