ZCash (ZEC) has been one of the highlight performers in the cryptocurrency market over the past few months. Although the general digital asset market has faltered in recent weeks, the privacy-focused cryptocurrency has continued to ascend to new price highs. While the large-cap assets have been waxing and waning in terms of market value, the price of ZCash has been on a tear in the past week, breaking into the list of the top-20 largest cryptocurrencies in the sector. Now, the latest on-chain data suggests that euphoria is setting in the ZEC market. ZCash Puell Multiple Hits New All-Time High In a November 7 post on social media platform X, Alphractal CEO and founder Joao Wedson revealed that the ZCash market might be overheating after weeks of significant upward price movement. According to the on-chain expert, the sentiment surrounding the coin seems to have finally reached the euphoria stage. Related Reading: Most Dangerous Bitcoin Boom Yet? Ray Dalio Warns Of ‘Stimulus Into A Bubble’ Wedson noted that the group of network participants mostly behind this euphoria is the ZEC miners. This on-chain observation revolves around two primary metrics, including the Puell Multiple and the Hash Rate. For context, the Puell Multiple is a metric that correlates the issuance value of an asset to its 365-day moving average. This metric measures miners’ profitability on an annualized basis, signaling potential market tops or bottoms. According to the highlighted data from Alphractal, the ZCash Puell Multiple just hit an all-time high, indicating significantly high profitability for the miners. This on-chain signal also suggests that the ZEC price could still have more room for upside movement. Furthermore, Wedson revealed that the ZCash Hash Rate is on a rapid ascent, meaning that miners are devoting more computational resources to the privacy-focused network. As seen with the premier cryptocurrency, a rising Hash Rate often coincides with extended price rallies. Ultimately, the increasing Puell Multiple and rising Hash Rate signals strong network fundamentals for ZCash, which suggests that the price growth seen so far is not solely market speculation. What’s Next For ZEC Price? As of this writing, the price of ZCash stands at around $714, reflecting an over 30% jump in the past 24 hours. Price action data shows that the ZEC coin is having the second-strongest annual performance in its history, having soared roughly 1,500% in the past year. In an earlier post on X, Wedson projected an extreme upside of around $1,650 for the price of ZCash. While the current ZEC price already suggests elevated risk for investors, reaching as high as $1,650 would represent full-on market euphoria. Related Reading: XRP Price To Reach $1,000 By End Of 2025? Rumor Mills Are On Fire With BlackRock Speculations Featured image from Shutterstock, chart from TradingView
Riot has reduced its hashrate projections due to delays in expansion at its recently acquired Kentucky facility.
The US miner is now the second-largest by market cap, after flipping Riot Platforms.
Riot says the deal will immediately add one exahash per second to its self-mining hashrate and expands its footprint in the United States.
Bitcoin miner Hive Digital has plans to build a 100-megawatt mining facility in Paraguay powered by the nation’s Itaipu hydroelectric dam.
The drop in mining difficulty should spell relief for the largest mining firms.
This metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.
Despite the drop in hashrate, Bitcoin miner selling isn’t correlated with the BTC price drop from $71,100 to $66,000.
Bitcoin miner Marathon Digital has reviewed its hash rate target for this fiscal year to 50 EH/s, according to an April 25 statement. Initially, the miner aimed to boost its mining capacity by about 46% by year-end to as high as 37 EH/s from 24.7 EH/s. However, buoyed by its recent acquisition of a 200-megawatt […]
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Bitfarms holds $66 million in cash and 806 BTC in its treasury, giving it a total liquidity of $123 million.
With a market capitalization of $4.2 billion, a $800 million stock offering would effectively dilute CLSK shares by 19%.
Bitcoin network hash rate has reached a new all-time high of over 540 exahashes per second. However, hash price and profitability are sinking again.