Zcash (ZEC) saw a historic surge this week, hitting its highest price since April 2022, as a wave of stimulus revived investor activity and enthusiasm.
The price reached $151 during the October 2 session, Asian time, before settling at $141 at press time, recording a 61% increase in 24 hours and approximately 150% over the week.
This surge was accompanied by a surge in daily trading volume, which jumped from less than $100 million on September 25 to $1.27 billion, while market capitalization increased from $950 million to $2.45 billion.
Derivatives market data also showed that open interest in futures contracts rose from $19 million to more than $142 million, with the majority of traders opting to buy, further strengthening the coin’s upward momentum.
This surge was supported by the announcement by decentralized exchange ThorSwap of support for ZEC, enabling users to directly exchange the coin for Bitcoin, Ethereum, Solana, and a number of other major cryptocurrencies.
Grayscale Zcash Trust has also opened its doors to qualified investors, increasing institutional exposure to the currency without the need to directly manage it.
The price is currently testing the 38.2% Fibonacci retracement level, with a potential target of $195.63 if the uptrend continues, while the support level at $101 represents a critical point to maintain the positive scenario.
