ZEC Price Jumps 18% After FOMC, As ZCash Whales Buy in $18M

Zcash price extended its strong monthly rally on Sept. 17 as ZEC traded around $1,350-$1,360. The privacy coin gained roughly 18% over 24 hours and pushed its market capitalization above $22 billion.

The move followed the Federal Reserve’s Sept. 16 rate decision and came alongside fresh whale activity and Zcash governance developments. ZEC has now gained roughly 166% over the past month, substantially outperforming Bitcoin and Ethereum during that period.

ZCash Price Rally Extends to 168% On Monthly Chart

Over the last 24 hours, the ZCash price has added another 18% while extending its monthly gains to 168%. This is an overwhelming performance, with multiplefold returns outperforming giants like BTC and ETH. With this rally, ZEC has secured a place among the top 10 cryptocurrencies, with a market cap of $22.2 billion.

This recent rally comes as the broader crypto market reacted positively following the Fed’s rate-hike decision. Analyst Eric Van Tassel noted that following the breakout of the downward channel, the ZEC price rally could extend further, with a target of $1700.

Furthermore, the recent $30 million in transfers through Grayscale wallets show that institutional demand for ZCash remains strong. On-chain data from Arkham Intelligence shows multiple transfers of 25,000 ZEC, worth roughly $30 million each, between wallets labeled as belonging to Grayscale.

The transactions appear to be internal wallet movements rather than confirmed open-market purchases. But this transfer comes just days after DCG contributed 85,705 ZEC, worth approximately $100 million, to acquire shares of the Zcash ETF. It shows that institutional activity is picking up around ZCash.

ZCash Whale Accumulation Supports ZEC Price Rally

On-chain data shows that one ZCash whale has been accumulating across top exchanges like Binance, Kraken and OKX. Data from Arkham Intelligence shows that a whale accumulated and withdrew 15,300 ZEC coins, worth a staggering $17.92 million in the last two days.

On the other hand, Garrett Jin, described as the largest on-chain ZEC short whale, is now down more than $26 million on the position. Jin added to his ZEC short 11 hours ago and now holds a 37,760 ZEC short, worth approximately $51.5 million. The position’s liquidation price stands at $2,631.53, reported Lookonchain.

Zcash Holders Vote to Cut Block Time to 25 Seconds

Zcash holders have voted in favor of reducing the network’s block target spacing from 75 seconds to 25 seconds under the proposed NU7 upgrade. Nearly 2.4 million ZEC participated in the vote, with 99.9% supporting the 25-second block time over 75 seconds. The vote also showed 98.9% support for retaining Zcash’s existing Bitcoin-style halving schedule.

The proposed reduction in block time could enable faster transaction confirmations. At the same time, retaining the current halving schedule would preserve Zcash’s existing monetary policy. The NU7 upgrade still requires implementation and activation before the changes take effect.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments involve risk, and whale movements, governance votes or technical targets do not guarantee future price performance.