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With the arrival of the historically bullish month of October, expectations for a rally for Bitcoin and altcoins are also increasing.
However, while BTC and altcoins are still unable to experience a major breakthrough, some altcoins are decoupling from the market with their rise.
While Binance Coin (BNB) is at the forefront of these altcoins, breaking records one after another, Zcash ($ZEC), one of the oldest pioneers of the privacy-focused cryptocurrency sector, is also making a name for itself with its rise.
Zcash, which has increased by 35% in the last 24 hours and 260% in the last month, reached $180.
Why Is Zcash ($ZEC) Rising?
The sudden rise of $ZEC after a long period of silence has brought this question to investors' minds: Why is the price of Zcash rising?
According to experts, one of the primary reasons for this surge in $ZEC's price is new institutional access. As you may recall, Grayscale, one of the largest digital asset managers, recently announced a new $ZEC fund that allows eligible investors to invest in Zcash. Experts even argue that Grayscale's move signals that it will soon apply for a $ZEC ETF.
Another catalyst for $ZEC's rise, according to experts, has been the posts and praise from prominent figures like American venture capitalist Ravikant and Mert Mumtaz, CEO of Solana-based company Helius Labs. This has accelerated $ZEC's rally after three years of stagnant sideways trading.
While Zcash made a name for itself with its rise, the altcoin AB, listed on Binance Alpha, fell more than 97% in one day.
The AB token, listed on Binance Alpha, experienced an unusual drop of approximately 97% in just two minutes on October 9.
Since then, the token has recouped most of its losses and is currently trading at around $0.008.
Binance Alpha, which announced its EU listing on June 7, is an on-chain trading platform within Binance Wallet that focuses on listing early-stage tokens.
*This is not investment advice.