Zcash (ZEC) has gone up by an eye-popping 270% in the past month alone as privacy coins have experienced a strong wave of positive momentum.

Nobody really knows exactly what is fueling this rally, as there seem to be many sides to this latest success story.

The first factor that could have contributed to ZEC’s rise was the growing popularity of the Grayscale Zcash Trust (ZCSH) among accredited investors in the United States.

This vehicle offers exposure to the token through a regulated vehicle that charges 2.5% per year on the assets it manages. Thus far, the fund has brought in over $200 million in assets.

Moreover, Zcash is a privacy token that allows individuals to hold and transfer cryptocurrencies anonymously. It is a hard fork of Bitcoin that shares the latter’s strong security, and that has earned it the title of “stealth BTC.”

Other privacy tokens like DASH and Monero (XLM) have experienced similar upticks, but none to the extent of Zcash, underscoring its dominance of this segment of the crypto market.

Finally, some technical factors may have contributed to the rally. A move above its long-dated resistance range of $160 – $180 triggered a massive short squeeze that flushed out over $50 million worth of long positions in a heartbeat.

Paired with favorable market conditions, these moves have made Zcash one of the top next cryptos to explode. At the time of writing, ZEC is trading at $542 per token after jumping by 17% in the past 24 hours.

Meanwhile, trading volumes remain quite high at $1.7 billion, accounting for a fifth of the asset’s circulating market cap.

Zcash Is Still On an Uptrend – Key Levels to Watch for a Late Entry

The 4-hour chart shows the trajectory that ZEC has been moving on and outlines some potential areas of support to watch that could serve as entry points for bulls in the future.

The 200-period exponential moving average (EMA) in this low time frame has been climbing steadily and could act as a cushion for any upcoming pullbacks. Considering the strong wave of positive momentum that Zcash has experienced, buying at this level may not be such a bad idea.

Once the price encounters its next sell wall, which could probably occur at $590 or $695, close to psychological thresholds, it could dive to $450 or lower to around $360, opening the door for late buyers to chip in.

The Relative Strength Index (RSI) continues to be above the mid-line, meaning that momentum favors bulls. If the latest trajectory continues and ZEC keeps marching onward, it may just be a matter of time for a move toward $1,000.

Considering that the token is 90% away from its all-time high of $5,941, it still has significant room to keep climbing, especially if market conditions keep favoring privacy tokens.

Other Bitcoin-linked projects apart from Zcash are also doing quite well. A crypto presale called Bitcoin Hyper ($HYPER), a layer-2 scaling solution for the Bitcoin network that has raised over $26 million in a heartbeat to launch its Solana-based protocol.

Bitcoin Hyper ($HYPER) Builds the First True Bitcoin Layer 2

Bitcoin Hyper ($HYPER) is reimagining what Bitcoin can do. It’s the first true Layer 2 built to solve Bitcoin’s biggest issues — slow speeds, high fees, and limited utility.

By adding a scalable framework powered by the Solana blockchain, the project opens the door to fast, low-cost transactions and even smart contracts without leaving the Bitcoin ecosystem.

Bitcoin Hyper bridges the gap between Bitcoin’s security and Solana’s high performance, processing thousands of transactions per second with minimal latency. Developers will finally be able to build dApps, DeFi tools, and AI integrations that BTC holders can benefit from.

The price of $HYPER increases progressively as the presale advances. The project has raised more than $26 million in just a few months, and analysts agree that the token could explode once top wallets and exchanges start to embrace the Hyper L2.

To buy $HYPER before the next price hike, simply head to the official Bitcoin Hyper website and connect your wallet.

You can either swap USDT or SOL for this token or use a bank card instead.