ZCash Gains Surge in Price Recording Support from Digital Currency Group

Just recently, Barry Silbert has made an announcement that has helped ZCash (ZEC) gain a significant rally in the past 24-hours. Barry Silbert is the founder and chief executive of Digital Currency Group. Silbert’s announcement revolved around providing support to ZEC in the form of a major investment.

According to Silbert, the company has made an investment in ZEC, acquiring a large volume of ZEC tokens in the process. Silbert announced that he has added them to his company’s cryptocurrency portfolio that has many more cryptocurrencies to it.

Right after the announcement, ZCash started observing a rally, which helped it go over the $240 per ZEC figure. It is very promising news for the entire ZEC community as it had been a very long time since ZEC had achieved the particular figure.

Silbert reportedly made the announcement of acquiring ZCash through his Twitter profile on Wednesday, December 1, 2021. The announcement caught the attention of 678,000 followers Silbert has on his Twitter profile.

In the announcement, Silbert revealed that they had purchased $85 million worth of ZEC. At the time of writing, the $85 million figure translates to almost 376,106 ZEC tokens. Silbert estimated that on average, each ZEC cost them $226.

According to Silbert, this won’t be the only attempt they have made in acquiring ZEC. Through his Twitter profile, Silbert has hinted that they will be on the lookout for buying even more ZEC. He hinted that the future investments will also be worth several million.

The data from TradingView provides a clear picture of how ZEC grew after Silbert made the announcement of acquiring the tokens. It can be observed from the graph that the price of ZEC grew from $226.08 per ZEC to $243.84 per ZEC, moments after the announcement.

In the past 24-hours, the price of ZEC has experienced an 8.19% increase. It is to be noted that this is not the all-year high that ZEC has observed. It was back in May when ZEC had managed to hit its all-year high of over $350 per ZEC.

ZEC had reportedly observed the rally in May after announcing its migration to the proof-of-stake protocol from proof-of-work protocol.

The announcement made by Silbert has triggered high bullish sentiments among the ZEC whales and investors. Such activities can also be observed through the surge in the 24-hour trading volume that has been observed for ZEC. CoinMarketCap shows that in the past 24-hours, the trading volume for ZEC has surged by 9.60% and it is currently at $811,505,467.

According to the fib graph, ZEC may end up growing in size and hit the $269 per ZEC figure. The low trend that the fib graph shows for ZEC would be $198.67 per ZEC.