ZCash Is Confirming Rotation Thesis, Says Raoul Pal

Pal said the primary signal to watch will be whether Zcash can establish a strong floor price after its recent run-up. “What you want to see is whether it finds a base and then starts pulling up again,” he said. Over the past 30 days, Zcashs price has declined by around 37%.

Pal said he is not eager to buy the crypto asset at current levels. “I‘m not sure I’m going to chase it, but I might buy it in the next down cycle,” Pal said.

Zcash was posting price gains despite the broader crypto market being in decline. Its market capitalization rose from under $1 billion in August to a peak above $7 billion in early November.

Zcash saw a massive surge after Arthur Hayes tip

A growing number of crypto market participants have been prioritizing anonymity in recent times, which has pushed privacy tokens into the spotlight, crypto exchange XT Exchange said on Nov. 9.

Zcash institutional interest has increased in recent times

Just a month earlier, on Oct. 26, Zcash rose 30% in 24 hours after crypto entrepreneur Arthur Hayes predicted the token could eventually reach $10,000.

Meanwhile, institutional interest in the crypto asset has also increased.

On Nov. 27, Grayscale Investments submitted a filing to the US Securities and Exchange Commission, signaling its intention to convert its fund tied to Zcash into a spot ETF.

The move followed Grayscales launch of other spot ETFs linked to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and XRP (XRP).