Zcash hits record hash rate as network activity surges
In March, the Zcash network recorded several all-time highs. The network’s hash rate rose to 16.54 GS/s, marking a record level. This reflects an increase in miners’ computational power and participation.
At the same time, the amount of funds in the shielded pool reached 5.15 million ZEC, according to data from 2Miners.
Previously, this figure was around 5 million ZEC. As a result, the share of private coins has reached approximately 31% of the total supply. These figures indicate increased usage of the network’s core feature — privacy. At the same time, interest from investors and the community has grown.
Miners return as confidence in the network improves
The rise in hash rate signals a recovery of confidence among miners. An increase in computational power is typically associated with expectations of higher profitability. It may also indicate improving fundamentals for the network. Following a recent developer team crisis, the situation has stabilized.
Discussions around the project have become noticeably more positive. An additional factor was Foundry Digital’s announcement of launching an institutional mining pool for Zcash. This has increased interest from large players in the ecosystem. As a result, the network is gradually regaining its position.
Investor interest grows alongside key metrics
Data from LunarCrush shows a significant increase in interest in Zcash. The share of positive sentiment reached 88%, which is a high level for the crypto market. The AltRank metric climbed to 10th place from a previous average of around 522.
Daily trading volume increased by 34% to approximately $486 million. Another important development was the $25 million funding raised by the Zcash Open Development Lab (ZODL). The round included major funds such as Paradigm and an Andreessen Horowitz-backed entity. These factors are boosting interest from both institutional and retail investors.
ZEC price recovers but remains below peaks
Amid rising activity, the price of ZEC has started to recover. In March, the asset gained about 40% and is trading around $268. However, it still remains more than 60% below its all-time high of around $750 reached in November last year.
Some analysts believe that if the current trend continues, the price could rise to $400. The growing share of private transactions and increasing hash rate provide fundamental support for the asset. At the same time, further price movement will depend on overall market conditions and capital inflows.
Recently we wrote that ZCash (ZEC) is trading at $268.69, above both the SMA-20 at $222.58 and the SMA-50 at $256.70, but still below the SMA-200 at $308.19. This structure establishes a bullish trend in the short and medium term, while longer-term resistance remains evident, with dynamic support from the Ichimoku Kijun at $240.67 and immediate resistance near the SMA-50 or the $270 level.
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