Bitcoin and Ethereum are treading water. After weeks of climbing, the two largest cryptocurrencies posted flat performance over 24 hours, with Bitcoin at $86,264.06 (up 0.59%) and Ethereum at $2,714.39 (up 0.34%), according to market data from CoinGecko.
Privacy coins broke the pattern. Zcash gained 3% to trade at $1,372.69, while Monero climbed 2.14% to $562.32. The outperformance comes as mixed macroeconomic signals weigh on broader risk appetite.
The Federal Reserve raised rates to 3.75%-4.00% on September 16, marking its first hike since July 2023. September’s jobs report then delivered a shock: only 29,000 new jobs against an expected 84,000, pushing unemployment to 4.2%. CME FedWatch data showed October hike odds at roughly 22% following the weak labor data.
Zcash’s Volatile Recovery
Zcash has mounted a striking rally from its lows. The privacy coin gained approximately 2,500% over 12 months and climbed 253% from $480.72 to a late-September high of $1,698. That peak marked a near-doubling from an earlier 38% crash during an Ironwood counterfeiting scare earlier in the year.
Grayscale’s Zcash ETF, which launched on August 25, has drawn roughly $268 million in net inflows since inception. However, the fund posted $30.25 million in outflows on September 30, a sign of profit-taking after the coin’s rapid ascent.
On September 17, Zcash coinholders voted 98.9% in favor of maintaining Bitcoin-style halvings to control inflation. The vote underscored community consensus on the coin’s monetary policy. Zcash now has a market cap of $23.18 billion.
Current price action shows Zcash trading 19% below its late-September peak. The coin faces resistance at $1,403.89 and support at the 38.2% retracement level of $1,221.93.
Monero Consolidates
Monero is trading sideways since late September, according to available data. The privacy coin holds a market cap of $10.57 billion and sits 11% below its September high of $632.86. Support levels stand at $558.69.
Broader Market Tone
The total crypto market capitalized just north of $3 trillion. Bitcoin faces resistance at $87,354. Secondary tokens showed mixed moves: Solana gained 1.4%, XRP rose 1.07%, BNB lost 0.41%, and Tron declined 0.22%.
Bitcoin had flashed a second golden cross, with its 100-day exponential moving average crossing above the 200-day. The signal often suggests upward momentum, though the flat 24-hour performance suggests consolidation rather than fresh gains.
