Here’s Why Zcash Could Trend Upward, ZEC Prepares for Major Upgrade

Zcash and privacy coins could be back in vogue. Two weeks they began moving upwards, following an oppositive sentiment in the market, and scored profits of around 11% for ZEC’s price, and 15% for Monero (XMR). Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally ZEC’s price has returned to move back in tandem with the rest of the crypto market. At the time of writing, ZEC trades north of $160 with a 2.3% loss in the past 24 hours. This rally was driven by a potential demand for privacy coins, as the conflict between Russia and Ukraine potentially forced certain individuals to transfer their wealth into digital assets. Monero and Zcash could have benefited from this trend. In addition, the U.S. administration, led by President Joe Biden, passed an executive order (EO) on cryptocurrencies. Celebrated by a majority of the crypto industry, the EO also contemplates the possible implementation of a central bank digital currency (CBDC) supported by the U.S. Federal Reserve (FED). Still under exploration from U.S. entities, if the country decides to move forward with a CBDC, citizens could be subjected to more scrutiny, and the state could gain more control. Under this scenario, Zcash and Monero could become critical assets for privacy-seeking individuals. The ZEC’s price rally could gain fresh momentum, as the Zcash Foundation announced its biggest mainnet update since 2020. Dubbed N...