Zcash Leads Crypto Bounce, Surging 8.5% as Bitcoin Reclaims $83,000 — SkimNews
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- Zcash rose 8.5% in 24 hours to $1,215.85 — the best performer among the largest tokens — lifting its market cap to $20.57 billion after a roughly 25% drop over the prior month left it oversold.
- Bitcoin gained 1.57% to $83,195 and Ethereum climbed 2.90% to $2,463.35, pushing total crypto market cap up 1.68% to $2.78 trillion with the CMC20 gaining 1.45%.
- Crypto ETFs drew $526.7 million in net inflows on Monday — the biggest in a month — helping fuel the rebound alongside a 1.1% Nasdaq Composite gain as chip and AI stocks recovered.
- Zcash developers were set to decide on the NU7 network upgrade on the same day, with traders reportedly buying ahead of the event while rival privacy coin Monero rose 15.29% over seven days to $609.87.
- Treasury yields above 5% and Brent crude near $110 a barrel remain the dominant headwinds, since higher yields compete with risk assets for capital and expensive oil feeds inflation that could keep the Fed tight.
- The Federal Reserve meets October 27-28 with crypto sentiment neutral, as the Fear & Greed Index reads 51 and the CoinMarketCap Altcoin Season Index sits at 60 — below the 75 threshold needed to declare altcoin season.
Why it matters: The 8.5% Zcash surge masks a market still pinned down by 10-year yields above 5% and oil near $110, and the rebound was powered by a $526.7 million ETF inflow day — the strongest in a month — not a shift in macro conditions. With the Fed meeting October 27-28, traders face a binary risk: any hawkish signal could reverse the bounce, while a dovish one could extend the altcoin rotation flagged by Monero's parallel 15% weekly gain.
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