The Zebec Network price skyrocketed in May, becoming one of the best-performing tokens in the cryptocurrency industry. The ZBCN coin jumped to a record high of $0.007185 in May, up by over 900% from its lowest point in April. This surge transformed a fairly unknown crypto project into one valued at over $500 million.
Why Zebec Network Price Surged
There are four main reasons why the Zebec Network price surged in May. First, the rally coincided with the overall performance in the crypto market as Bitcoin surged to a record high during the month.
Second, ZBCN token soared after it was integrated into the Uphold network. In a statement, Uphold, a leading player in the crypto industry, noted that it had surpassed $100 million in ZBCN assets under custody. Uphold compared Zebec to XRP, another top crypto project in the payment industry.
Third, the ZBCN price surged as the number of holders increased to over 60,000 for the first time. This growth was also driven by the fear of missing out among investors, a common phenomenon when a token is surging in value.
Fourth, the coin surged after ZKE Exchange, a fast-growing cryptocurrency exchange, listed it. With its growth continuing, there is a likelihood that more exchanges will list it in June.
Finally, Zebec Network’s price rose after it acquired Science Card, an upcoming fintech company with over 50,000 users. This is its second-largest buyout, following its acquisition of another company in the payroll industry.
Zebec, like Alchemy Pay, is creating a fintech company with a real-world use case. It has become a significant player in payroll processing, with over 50,000 users actively using its Mastercard cards.
ZBCN Token Price Analysis
The weekly chart shows that the Zebec Network price has been in a period of consolidation since April last year and this year. This period was part of the accumulation phase, which is characterized by low volume and volatility.
Zebec Network price then moved into the markup phase of the Wyckoff Theory. This phase is characterized by higher demand and the fear of missing out among investors.
The next phase will be distribution, followed by markdown. If this happens, there is a risk that the ZBCN price will drop to the support level at $0.002142, which is the upper side of the consolidation that occurred over the last twelve months.
READ MORE: ZBCN Price: Wyckoff, Elliot Wave Point to Zebec Network Crash
