Real Vision 创始人、知名宏观投资者 Raoul Pal 近日表示，隐私加密货币 Zcash 近期的大幅上涨，更可能源于市场中的资本轮动，而非一轮已经确立的结构性牛市行情。他强调，目前阶段仍需保持谨慎观察。
Pal 在播客节目《When Shift Happens》中指出，判断 Zcash 是否真正进入长期上升趋势，关键在于整体市场是否同步走强并维持趋势，而不仅仅是资金在不同板块之间快速切换。“只有当市场整体持续上涨，而不是简单的轮动，我们才能确认趋势成立，”他说。
数据显示，Zcash 年内涨幅十分惊人。根据 CoinMarketCap 数据，Zcash 当前价格约为 385 美元，自年初以来累计上涨超过 690%。不过，近一个月其价格出现明显回调，30 天内跌幅约为 37%，上涨动能已有所减弱。
Raoul Pal 认为，Zcash 接下来的关键在于能否在高位回调后构建稳固的价格底部。“你真正想看到的是，它在上涨后找到底部，然后再次启动新一轮上涨，”他表示。基于这一判断，Pal 并不倾向于在当前价位追高买入，而更倾向于等待下一轮回调机会。
值得注意的是，在整体加密市场波动加剧的背景下，Zcash 仍曾出现逆势走强的表现，其市值从8月不足10亿美元，一度飙升至11月初超过70亿美元，引发市场高度关注。
Zcash 的这一轮行情，也与多位行业意见领袖的发声有关。10月下旬，加密货币企业家 Arthur Hayes 曾公开预测，Zcash 长期价格可能达到 1 万美元，消息发布后，Zcash 在 24 小时内上涨约 30%，进一步点燃市场情绪。
与此同时，机构层面对 Zcash 的兴趣也在升温。11 月底，Grayscale 向美国证券交易委员会提交文件，计划将其 Zcash 信托产品转化为现货 ETF。此前，Grayscale 已成功推出比特币、以太坊等多只加密资产现货 ETF。
综合来看，Zcash 的强势表现既反映了隐私赛道的阶段性热度，也凸显了资本轮动对价格的推动作用。是否能演变为长期牛市，仍有待市场进一步验证。
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Articoli correlati
ETF Launch Fails to Stem Tide As XRP Sinks to $1.81, Lowest Since April
Crypto asset manager Bitwise’s launch of a spot XRP exchange-traded fund on Nov. 20 failed to lift the token, which fell to $1.81 — its weakest level since April — before a broader Nov. 21 sell‑off drove monthly losses above 20%.
ETF Launch Followed by Double-Digit Losses
The highly
Coinpedia39m fa
Here’s Where Gold Price Could Head Next After the $300 Drop
Gold recently experienced a significant drop, yet analyst Shirley believes the decline may be a temporary dip before a rebound. She highlights the $5,000–$5,050 range as key support and anticipates gold could rise toward $5,350–$5,400 if buyers maintain that level.
CaptainAltcoin2h fa
Analyst Says Not Buying Kaspa (KAS) Here Is a “Disservice” – Here’s Why
Analyst Says Not Buying Kaspa (KAS) Here Is a “Disservice” – Here’s WhyTraders are talking more about Kaspa (KAS), but this time it’s not about excitement or noise.
One market watcher said skipping Kaspa at these prices would feel like doing his family a disservice. He’s aiming for $0.23 and p
CaptainAltcoin3h fa
Bitcoin Holds $66,000 as Market Braces for March Rebound
Tom Lee predicts a March rebound for crypto and US stocks as Bitcoin stabilizes at $66K amid geopolitical tensions. Despite market volatility and rising oil prices, he expects economic growth to support recovery in risk assets.
CryptoBreaking3h fa
Dogecoin Price Compresses Near $0.10 as Open Interest Drops
Dogecoin is currently trading between $0.0964 and $0.1005, indicating tightening volatility with reduced open interest. Recent exchange flows show stabilization near the $0.10 psychological level, signaling cautious trader positioning and the potential for significant price movements based on defined support and resistance levels.
CryptoNewsLand4h fa
NEAR Surges 14.5% — Will a Break Above $1.25 Ignite a Run Toward $3–$4?
NEAR has risen 14.52 per cent in 24 hours, reaching critical support of $1.09 and resistance of $1.25.
The high trading volume of 195.67M NEAR and 223.63M USDT shows high liquidity and activity.
Break out at above $1.25 would be aiming at a long-term target of $3- $4 whereas the decline w
CryptoNewsLand4h fa
