Key Highlights
- Zcash (ZEC) jumped by over 23% on Monday after witnessing an upward momentum in major cryptocurrencies like Bitcoin (BTC)
- This spike in the cryptocurrency comes after Zcash Open Development Lab secured more than $25 million in a seed funding round
- Privacy coins like Zcash are becoming a great alternative amid the growing concern of financial surveillance in the traditional financial markets
On March 16, Zcash (ZEC) price soared by over 23% on the daily chart, helping it to surge above $280. At the time of writing, Zcash is trading at around $280.65 with a 23.19% spike, with a market capitalization of $4.65 billion, according to CoinMarketCap. Its daily trading volume also soared by 56%, and it is currently revolving around $581.76 million.
Zcash Price Builds Bullish Momentum with Fresh Capital
This growth in cryptocurrency comes from a boom in the on-chain activity from both retail traders and institutional investors, who are focusing on the privacy coin.
One of the major factors behind this surge comes from recent funding news in the last week. The Zcash Open Development Lab secured more than $25 million in a seed funding round from leading firms, including Paradigm, a16z crypto, Winklevoss Capital, and Coinbase Ventures. This capital will directly support wallet improvements, security audits, and protocol upgrades that make private transactions easier for everyday users.
Many leading investors are seeing this funding as a recent boost in confidence in the privacy coins like Zcash, which helped it to generate buying pressure with a 9% increase in open interest on futures markets.
Josh Swihart, founder of ZODL, stated in the recent post on X that, “This isn’t a normal company raise. A diverse coalition of 19 (to date) smart, skilled, and powerful investors has come together to get behind one of the most consequential projects in the world.”
He said, “It has been our strategy to work with others across the crypto ecosystem to accelerate growth. Zcash had been too small and isolated for too long. That is no longer the case. The number of people writing code, raising awareness, educating, and now funding Zcash work has never been higher. They are force multipliers, and the proof is in the numbers.”
Technical indicators are also confirming the bullish momentum in the cryptocurrency, as all major indicators are giving buy signals. All major moving averages are pointing higher, while indicators such as the Relative Strength Index and Moving Average Convergence Divergence are showing an increase in the buying strength. The price is currently revolving around key support at $227, with an immediate resistance around $285.
Apart from this, the current macroeconomic conditions are also supporting the rally in the Zcash price. Amid the regulatory developments, there is a growing concern about financial surveillance in the traditional financial markets. This forces those people who need financial privacy to adopt privacy currency like Zcash.
Along with this, the cryptocurrency market is also recovering after staying in the major consolidation phase for so long. Privacy coins are becoming a new trend and are expected to outperform many alternatives.
The team has recently rebranded its popular mobile wallet from Zashi to Zodl and released versions for both Android and Apple devices. This wallet has already expanded the shielded pool by more than 400% since 2024 and facilitated more than $600 million in private swaps. According to the official website, 5.15 million ZEC tokens are currently sitting in shielded addresses. This provides real anonymity to the transactions.
Apart from this, it received some liquidity boosters with additional integrations with cross-chain services like THORSwap. A new mining pool from Foundry also shows that it is quickly getting adoption with institutional infrastructure support.
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