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ZEC Cryptocurrency market within 24 hours: Altcoins collectively rose, led by Zcash
In the past 24 hours, altcoins in the cryptocurrency market have experienced a significant increase. As Bitcoin broke through US$77,000, market risk appetite warmed up, and many mainstream altcoins recorded double-digit gains. Among them, Zcash led the way with an increase of more than 47%, while major altcoins such as Bitcoin Cash, Cardano, Dogecoin, XRP and Chainlink also saw strong buying. This trend has attracted investors 'attention: Will the long-awaited altcoin market start again?
Zcash led the gains, with multiple altcoins rising simultaneously.
According to CoinGecko data, Zcash rose 47.1% in 24 hours, reaching a high of US$827.02. Despite subsequent partial profit-taking, ZEC maintained a gain of about 35% during the day. Except for Zcash, Bitcoin cash rose 31.4% to $299.49 and Canton rose 20.4% to $0.1223. Cardano rose 19%, while Dogcoin and WhiteBit Coin both rose nearly 17.7%. Stellar rose 16.2%, Chainlink rose 13.3%, and Hyperliquid rose 11.9%, jointly supporting the strong performance of the altcoin market.
The rise in altcoins is not limited to small-market assets
This round of rise is not limited to currencies with smaller market capitalizations. XRP rose nearly 14% daily, while Ethereum rose above $2,430. Bitcoin is traded around $77,300, providing important support for the rise of altcoins. Solana and BNB also maintained their gains, and overall market buying pressure spread to the wider altcoin community.
Driving factors behind the altcoin market
Bernstein strategist Gautam Chhugani pointed out that Bitcoin's strong performance stems from the U.S. Treasury's decision to increase the size of long-term government bond repurchases. He said that historically, Bitcoin has responded positively to the easing of the liquidity environment. The U.S. Treasury Department has increased the single maximum limit for long-term Treasury bond repurchase operations from $2 billion to $4 billion, a move that has an impact on the financial environment that is being closely watched by the crypto market.
Chhugani believes that the previous cold performance of the crypto market was mainly due to the tightening financial environment, rising inflation risks, and the sharp rise in artificial intelligence and chip stocks, which attracted a large amount of funds. If the liquidity environment improves again, funds are expected to flow into altcoins after Bitcoin. However, if the current rally is to translate into a lasting altcoin season, it will still need continued support from trading volume and investor demand.
Evaluation and Outlook
The recent rise in altcoins has given the market renewed hope for the long-awaited market. Several altcoins such as Zcash, Bitcoin Cash, Cardano, XRP and Dogcoin have strengthened simultaneously, which is eye-catching. Whether Bitcoin can remain above US$77,000 and whether the liquidity environment continues to be favorable will become the key to the continuation of this round of altcoin market. However, if the rally is to be more than just short-term fluctuations, trading volume and overall market risk appetite still need to be stable.
