Key Takeaways:

Zcash (ZEC) price surged nearly 30% in 24 hours, now trading around $690.
Miner profitability (Puell Multiple) hit an all-time high, signaling peak returns.
Hash rate is rising sharply, showing miners’ renewed confidence.
Analysts point to a 50x return since 2024 lows near $15.
RSI above 90 and MACD strength suggest momentum but also overbought risk.

The privacy-focused cryptocurrency has become one of the market’s top performers, outperforming most major altcoins and attracting a wave of retail and institutional interest.

The move comes as fundamental and technical factors align in Zcash’s favor. Rising miner profitability, surging network hash rates, and revived market sentiment around Proof-of-Work (PoW) cryptocurrencies have combined to create one of ZEC’s strongest bullish phases since early 2021. Analysts say the rally could continue if the coin manages to sustain current on-chain growth and trading volumes.

Miner Profitability Reaches All-Time High

According to analyst Joao Wedson, Zcash’s Puell Multiple—a key indicator measuring miner profitability on an annualized basis—has hit a record high. The metric suggests that miners are earning significantly more than average relative to historical norms, a sign that network activity and economic incentives are sharply improving.

The euphoria in ZCash (ZEC) has arrived — and the ones celebrating the most right now are the ZEC miners.

The Puell Multiple, which measures miner profitability on an annualized basis, just hit an all-time high.
Hash rate is climbing fast.
And that $1,000 level I mentioned… https://t.co/DZvJkjcDuK pic.twitter.com/XiivpCO2t2

— Joao Wedson (@joao_wedson) November 7, 2025

Wedson noted that ZEC miners are among the biggest beneficiaries of the current euphoria, as increased profitability tends to reinforce network security and attract more participants. He emphasized that this kind of miner-driven strength often precedes major price movements in PoW coins, citing Bitcoin’s historical correlation between miner profitability peaks and bull runs.

Data visualizations from Alphractal support this view, showing a dramatic rise in Zcash’s hash rate alongside the Puell Multiple’s breakout. The increased computing power confirms that miners are doubling down, likely encouraged by rising block rewards and improving revenue margins. Wedson reiterated his earlier forecast that ZEC could approach the $1,000 mark if network and price momentum continue in sync.

50x Gains from 2024 Levels

Market analyst EGRAG Crypto added to the excitement, pointing out that Zcash has already achieved a stunning 50x gain from its early 2024 lows. At that time, ZEC traded near $15 before entering a prolonged accumulation phase. Those who invested during that period are now sitting on monumental profits, with the token recently touching above $700 on KuCoin.

#ZCash – 50X if you did not buy the bottom:

If you bought 1,000$ of Zcash at only $15 you would have 66.66 and you just sold now around 750$, this is equal to $50,000. This is a 50X.

So you are telling small cap coins cannot do 100x 😂😉🤝🔥🙏💥🧠🫡 pic.twitter.com/8C1Q2s9jSW

— EGRAG CRYPTO (@egragcrypto) November 7, 2025

EGRAG used the example to highlight how smaller-cap Proof-of-Work coins can dramatically outperform during bullish cycles, especially when sentiment shifts toward tokens with strong fundamentals and low initial valuations. “If you bought $1,000 worth of Zcash at $15, it would now be worth around $50,000,” he wrote, emphasizing the potential upside for projects with limited circulating supply and high mining resilience.

Technical Indicators Show Overheated Market

On the technical front, ZEC’s momentum is undeniable but appears stretched. Data from TradingView shows ZEC gaining nearly 30% in 24 hours, hitting an intraday high near $750 before slight retracement. The daily chart displays a steep upward trajectory, with MACD readings indicating strong bullish momentum and the signal lines widening further apart—often a hallmark of sustained upward strength.

However, the Relative Strength Index (RSI) sits well above 90, a level considered significantly overbought. Historically, such readings often precede short-term pullbacks as traders lock in profits. Analysts caution that while Zcash’s fundamentals remain solid, volatility could intensify in the near term, particularly if high-frequency traders and speculative inflows dominate the market.

Zcash currently holds a market capitalization above $11.2 billion, while its 24-hour trading volume exceeds $3.1 billion—one of the highest volumes recorded this year. The surge in liquidity and open interest shows that the rally has captured broad attention across both spot and derivatives markets.

Proof-of-Work Networks Regain Market Attention

The Zcash rally is also reigniting interest in Proof-of-Work blockchains more broadly. Wedson and other analysts argue that PoW assets often act as “price discovery engines,” offering more transparent fundamentals than Proof-of-Stake networks. With growing concerns about regulatory classification and staking centralization, the resurgence of Zcash has sparked debate about whether a new PoW-driven narrative could form heading into 2026.

For now, miners and long-term holders are celebrating. Zcash’s network security is at its strongest in years, and market enthusiasm is feeding a feedback loop of rising profitability, participation, and demand. While the path to $1,000 remains uncertain, ZEC’s recent trajectory shows that classic mining-based coins are far from obsolete in the era of staking and DeFi dominance.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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Filed under: Bitcoin - @ November 7, 2025 4:31 pm