- ZCash surged 8.5% in 24 hours to $1,215.85, leading the market rebound among the largest crypto tokens.
- Total crypto market cap rose 1.68% to $2.78 trillion, with Bitcoin gaining 1.57% to $83,195 and Ethereum climbing 2.90% to $2,463.35.
- Oil near $110 a barrel and 10-year Treasury yields above 5% remain the primary threats to sustained recovery, while the Fear & Greed Index sits at a neutral 51.
Crypto markets bounced on Tuesday, with Zcash leading the rebound after a 25% monthly decline. The privacy coin rose 8.5% in 24 hours to $1,215.85, lifting its market cap to $20.57 billion as traders bought ahead of a decision on the NU7 network upgrade. Bitcoin gained 1.57% to $83,195, and Ethereum climbed 2.90% to $2,463.35, with nearly every major asset finishing higher.
The broader market followed, as total crypto market capitalization rose 1.68% to $2.78 trillion. The CMC20 index gained 1.45% to $169.87, meaning smaller caps played a more relevant role in today’s surge. The bounce followed a rebound in tech stocks, with the Nasdaq Composite rising about 1.1% after last week’s selloff.
Money from traditional investors provided support, as Bitcoin and other crypto ETFs recorded net inflows of $526.7 million on Monday. Treasury yields remain the main pressure point, with the 10-year note above 5%, making safe bonds more competitive with riskier assets. Brent crude oil trades near $110 a barrel, feeding inflation and raising the odds that the Federal Reserve keeps rates high.
Zcash outran everyone for several reasons, including its status as a high-beta asset and its own set of potential catalysts. Developers are due to decide on the NU7 network upgrade today, and traders often buy ahead of such events. Privacy coins have been strong lately, with competing privacy coin Monero up 15.29% over seven days to $609.87.
Crypto market sentiment is broadly neutral, with the Fear & Greed Index at 51 and the Altcoin Season Index at 60. The next major test is the Federal Reserve meeting on October 27 and 28, where traders will watch for signals on further rate hikes.
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