TradingKey – Zcash (ZEC) breaks above $300, and may challenge its previous bull market peak ahead of the November halving.

In the early hours of Wednesday, October 22, ZEC surged to $308, marking its highest level since November 2021. Since October 1, Zcash has gained over 260%, making it one of the strongest-performing tokens in the crypto market.

ZEC Monthly Price Chart – Source: TradingView.

Despite its explosive rally, can ZEC continue climbing and break past its previous cycle high of $370? From a macroeconomic perspective, the odds of a Federal Reserve rate cut in October are rising, with President Trump continuing to pressure Chair Jerome Powell to ease policy. This could inject additional liquidity into the market — a bullish catalyst for ZEC.

ZEC Halving Countdown – Source: Bitdegree.

In addition, Zcash is expected to undergo its second halving on November 28, which will significantly reduce its annual inflation rate and provide further price support.

David Duong, Head of Institutional Research at Coinbase (COIN), wrote yesterday:

“With the halving, Zcash’s issuance is expected to drop sharply, pushing its implied inflation rate from double digits in the early 2020s to single digits in the latter half of the decade.”

Zcash’s rally is fueled by macro liquidity expectations and a looming supply shock. If momentum continues and the halving delivers as expected, ZEC could challenge — and potentially surpass — its previous high of $370. Investors should watch for volatility and policy signals as November approaches.