Real Vision founder and well-known macro investor Raoul Pal recently stated that the recent sharp rise in privacy cryptocurrency Zcash is more likely due to capital rotation in the market rather than a confirmed structural bull market. He emphasized that at this stage, caution and observation are still necessary.
Pal pointed out on the podcast “When Shift Happens” that determining whether Zcash has truly entered a long-term upward trend depends on whether the overall market is strengthening and maintaining the trend, not just quick capital shifts between different sectors. “Only when the overall market continues to rise, rather than just rotating, can we confirm the trend is established,” he said.
Data shows that Zcash has had an astonishing increase this year. According to CoinMarketCap data, Zcash is currently priced at around $385, with a cumulative increase of over 690% since the beginning of the year. However, in the past month, its price has experienced a significant correction, with a decline of about 37% over 30 days, indicating a weakening of upward momentum.
Raoul Pal believes that the key for Zcash moving forward is whether it can establish a solid price bottom after a high-level correction. “What you really want to see is it finding a bottom after rising, then launching a new wave of gains,” he said. Based on this judgment, Pal is not inclined to chase the current price but prefers to wait for the next correction opportunity.
It is worth noting that amid increased volatility in the overall crypto market, Zcash has still shown counter-trend strength, with its market cap rising from less than $1 billion in August to over $7 billion in early November, attracting significant market attention.
This round of Zcash’s rally is also related to statements from several industry thought leaders. In late October, crypto entrepreneur Arthur Hayes publicly predicted that Zcash’s long-term price could reach $10,000. After the announcement, Zcash surged about 30% within 24 hours, further fueling market sentiment.
Meanwhile, institutional interest in Zcash is also heating up. At the end of November, Grayscale submitted documents to the U.S. Securities and Exchange Commission, planning to convert its Zcash trust product into a spot ETF. Previously, Grayscale had successfully launched spot ETFs for Bitcoin, Ethereum, and other crypto assets.
Overall, Zcash’s strong performance reflects both the phase-specific enthusiasm for the privacy sector and the role of capital rotation in driving prices. Whether it can evolve into a long-term bull market remains to be further validated by the market.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Rebounds to $74K on U.S.-Iran Framework Deal, But Market Skepticism Remains
Bitcoin's recent rise to mid-$74,000 followed a risk asset rally linked to a U.S.-Iran nuclear framework, but skepticism remains due to flat Treasury yields and unchanged gold prices. The core issue of uranium enrichment persists, and while on-chain data shows BTC's gradual advance, options markets reflect doubts about a sustained breakout. Overall, analysts see the rally as temporary, with macro conditions still tight and potential downside risks.
GateNews1h ago
Cardano Traders Watch $0.243 Support Level as ADA Price Faces Critical Decision
Cardano (ADA) is at a crucial support level of $0.243, with potential gains to $0.30 if it holds. A daily close below this could lead to declines toward $0.10. Currently, trading volume is around $500 million, with ADA notably below its all-time high.
GateNews3h ago
ETH/BTC Price Ratio Rebounds to 0.0313 in Q1 2026 as Ethereum User Base Surges 82%
In Q1 2026, the Ethereum-to-Bitcoin price ratio reached a three-month high at 0.0313. Ethereum added 284,000 users and surpassed $180 billion in stablecoin supply. Bitcoin remained strong above $74,000, driven by significant ETF inflows.
GateNews8h ago
Why is Bitcoin up today? Trump says Iran is seeking a truce, and risk assets move higher across the board
On April 15, Bitcoin rebounded about 6% after Trump said Iran is seeking to reach an agreement, breaking above $75,000. Expectations for the resumption of U.S.-Iran negotiations warmed up, lifting Asian stock markets. Technically, roughly $6 billion worth of short positions were forced to close, accelerating the rebound. Analysts said that if the U.S.-Iran situation continues to ease, Bitcoin could break through $80,000, and they predicted it may reach $150,000 by year-end.
MarketWhisper11h ago
Bitmine is promoted to the NYSE main board! Tom Lee: US stocks may be at a bottom, and selling pressure on Ether could ease
Bitmine officially transferred from the NYSE American market to the main board, marking a significant milestone for the company. Despite a sharp drop in its share price, it still increased the share repurchase program to $4 billion. The company holds a large amount of Ether, and expects that a rebound in the crypto market will help improve its assets and share price performance.
CryptoCity12h ago
ETH 15-minute up 0.66%: On-chain large transfers in sync drove a net inflow of funds, boosting spot buying pressure
2026-04-15 00:00 to 00:15 (UTC), ETH shows a local anomaly. The 15-minute return rate is +0.66%. The trading price range is 2321.93–2343.2 USDT, with a range of 0.92%. During this period, market attention increased, volatility slightly intensified, buy pressure in the order book shifted upward in the short term, and quickly pushed spot prices up into a key resistance area.
The main drivers of this anomaly are large on-chain transfers and inflows of capital in combination. At the beginning of the window, multiple large ETH transfers appeared, including 8,676 ETH and 6,551 ETH, respectively, transferring from a large source to the
GateNews12h ago
