Zcash, the project focused on privacy and anonymity, is now becoming a threat to Bitcoin. The parabolic appreciation of the coin in a backdrop of a slumpy market, where BTC slipped below a key support level, got the hardcore community members involved in a scuffle on X.
Zcash price appreciates exponentially
Since the latter half of September, Zcash has been on a roll and is becoming a threat to Bitcoin. The coin appreciated exponentially hitting $700 from as low as $50 within just a couple of months.
On the chart below, the coin started to trade with a weekly opening market price of $660. Just a day into the week, the coin crashed into the red zone below $660 and reached $450. However, once again the coin mustered the strength to climb above its opening market price and reached $700.
This comeback from ZEC, which focuses on privacy and anonymity is extraordinary, as it comes at a time when the whole crypto market is crashing. For instance, Bitcoin, the flagship cryptocurrency, crashed below the $94K support level, which according to top analysts, was the major level that the coin had to hold for a bull run. Even on the weekly timeframe, when Zcash shows gains of 2%, Bitcoin shows 10% loss during the same period.
Zcash and Bitcoin supporters clash
CEO of Bitwise Investment, Hunter Horsley, posted a tweet about what the hardcore Bitcoin believers would have to say about Zcash getting stronger against Bitcoin.
His tweet on X added fuel to the flames, prompting members of both communities to have a go at each other. Some Bitcoiners called Zcash’s drastic price appreciation an orchestrated pump.
Acquisitions fail to hold the price for BTC
But what’s more interesting is the fact that Bitcoin crashed below $94K despite Harvard University boosting its investment in BlackRock’s Bitcoin exchange-traded fund (ETF) by over 250% in the third quarter.
As of Sept. 30, the university’s endowment fund management reported that it held over 6.8 million shares in the iShares Bitcoin Trust ETF (IBIT) worth $442.8 million.
Unlike Bitcoin, Zcash thrived and hit $700 after Cypherpunk Technologies acquired 203,775 Zcash coins worth approximately $50 million. Currently, the company has 1.25% of the total ZEC supply.
