Zcash price has risen over the past few months, from $185.4 in February to $555 today. It has also formed a highly bullish cup-and-handle pattern, suggesting more gains as the Winklevoss Twins bet on the fastest-growing privacy coin.
Winklevoss Twins are Betting on ZEC Tokens
Zcash, often seen as a better alternative to Bitcoin in terms of privacy, has done well over the past few weeks, as the number of shielded addresses has continued to rise. It has jumped to over 5 million, a sign that people are using its technology.
At the same time, the billionaires Winklevoss Twins are betting on the coin. Data shows that they own Zcash tokens worth over $158 million today.
And not only that. Despite their Gemini exchange being in trouble, they have invested $50 million in Cypherpunk Technologies, a company aiming to become the largest holder of ZEC coins.
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According to its website, it now holds over 314,185 coins, currently valued at $174 million. It owns about 1.8% of the network and is already in profit, as its purchase price was $337.
Zcash token has become a popular privacy token because of how its technology works. Unlike Bitcoin, users can opt to keep their transaction details private and untrackable. This is useful especially for privacy-focused users, libertarians, people seeking to hide their fortunes from tax authorities, and even criminals.
Zcash Price Technical Analysis
The daily chart shows that the ZEC token formed a golden cross pattern on April 16, as the 50-day and 200-day Exponential Moving Averages (EMAs) crossed. This pattern is one of the most common bullish continuation signs in technical analysis.
The coin has also formed a cup-and-handle pattern and is now in the handle, which often leads to further gains in the longer term.
Zcash is now entering the fifth phase of the Elliot Wave pattern, which is usually highly bullish. Therefore, the coin will likely continue rising, with the next key target being the year-to-date high of $645. A move above that level will signal further gains to $850.
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