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 falls below 71,500 USD, U.S.-Iran talks remain deadlocked, and the Strait of Hormuz becomes the biggest point of contention
On April 11, the U.S. and Iran began 20 hours of negotiations in Pakistan. The core issue was freedom of passage through the Strait of Hormuz. After Bitcoin briefly rose to $73,800, it quickly fell back to $71,557. The U.S. side took a hardline stance, demanding that Iran open the strait, while Iran insisted that easing restrictions must wait until a comprehensive agreement is reached. The two sides have not yet reached a consensus.
動區BlockTempo1h ago
Crypto Market Maintains Steady Growth Trajectory As Top Assets Show Gains
The crypto market continues to grow, with a market cap of $2.44T and Bitcoin and Ethereum showing slight increases. Top gainers include $GPM and $BASE. Meanwhile, DeFi TVL declined, NFT sales rose, and notable developments include a trader's significant loss and a push for regulatory clarity in Congress.
BlockChainReporter2h ago
BTC 15-minute chart slightly down 0.57%: leveraged long positions passively cut risk and macro sentiment disturbances drive volatility
2026-04-12 12:45 to 13:00 (UTC), the BTC price range was 71081.7 to 71493.2 USDT, with an amplitude of 0.58%. Within 15 minutes, the return recorded was -0.57%. During the period of unusual activity, market volatility increased somewhat, risk sentiment warmed up, and overall attention rose; however, there was no extreme surge in volume or a sudden drop in liquidity.
The main driver behind this unusual activity is that, under the leverage structure, long positions were reduced passively. Recently, the funding rate for perpetual contracts turned from negative to positive. Leverage among longs in the market accumulated; the price dipped slightly, triggering liquidations of some leveraged long positions and sell orders for position closures, resulting in
GateNews4h ago
Analyst: Bitcoin’s current pullback is relatively mild compared with past ones, but the bottom has not been confirmed yet.
Crypto analyst Axel Adler Jr said the current Bitcoin pullback is smaller than historic bearish-market levels, but a bottom has not yet been confirmed. He believes the market is still in a mild bear phase, and that a true recovery will require patience and waiting.
GateNews6h ago
Bitcoin long-term holdings increased to 12.4 million coins, and the 30-day change has remained positive.
CryptoQuant analyst Darkfost says the Bitcoin market is entering an early stabilization phase, with stronger long-term holding behavior. The amount of BTC held for more than a year has increased, and investors are more inclined to hold than to distribute. This suggests the market is transitioning toward long-term conviction; the current trend is viewed as an early stability signal, but it needs longer-term confirmation.
GateNews7h ago
XRP Payments Fall 77% as Price Eyes End to Rally - U.Today
XRP's on-chain payment volume has dropped 77% to 86 million, signaling bearish momentum as its price stagnates below $1.35. This decline has raised investor concerns about potential volatility in the crypto market.
UToday9h ago
