Zcash Leads Crypto Bounce, Surging 8.5% as Bitcoin Reclaims $83,000 — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Zcash jumped 8.5% in 24 hours to $1,215.85, leading the day's crypto bounce and lifting its market capitalization to $20.57 billion.
- Bitcoin gained 1.57% to $83,195 after buyers stepped in near the $80,000–$81,000 zone, while Ethereum climbed 2.90% to $2,463.35.
- Total crypto market capitalization rose 1.68% to $2.78 trillion, with the CMC20 index gaining 1.45% to $169.87 as smaller caps drove much of the move.
- Crypto ETFs recorded $526.7 million in net inflows on Monday — the largest single-day inflow in a month — coinciding with a roughly 1.1% gain in the Nasdaq Composite as chip and AI stocks recovered.
- Treasury yields above 5% on the 10-year note and Brent crude near $110 a barrel remain the chief macro headwinds, with traders looking to the Federal Reserve's October 27–28 meeting for direction on rates.
- Zcash had its own catalysts beyond the broad bounce — a roughly 25% drop over the past month left it oversold, and developers are set to decide on the NU7 network upgrade today — while privacy-coin peer Monero gained 15.29% over seven days to $609.87.
- Crypto sentiment sits at neutral: the Fear & Greed Index reads 51 and the CMC Altcoin Season Index stands at 60, just below the 75 threshold typically used to declare altcoin season.
Why it matters: Monday's $526.7 million in crypto ETF inflows — the largest in a month — alongside a tech-stock rebound suggests traditional buyers are returning to risk despite a 10-year Treasury yield still above 5%, but Zcash's 8.5% daily jump leaves it only 1.17% higher over seven days, showing the snap-back has yet to undo the token's roughly 25% monthly slide heading into the Fed's October 27–28 meeting.
Ask SkimNews
