Markets· ★★★· neutral·

Bloomberg questions sustainability of Zcash rally: 120% gain fueled by short squeeze and miner accumulation

  • —ZEC has risen more than 120% year-to-date, significantly outperforming bitcoin
  • —Miners are not selling mined ZEC, reducing market supply
  • —A short squeeze amplified the rally: forced short closures push the price higher
  • —In June, a vulnerability in the Orchard pool crashed ZEC by about 50%
Why it matters: The debate over whether ZEC is an alternative to bitcoin or a temporary haven for capital determines the sustainability of the current rally.
#ZEC#BTC
Source: Blockmedia
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