The crypto market was mixed today, Nov. 7, as Bitcoin remained slightly above $100,000. The market capitalization of all tokens dropped by 1.1% to $3.39 trillion. This article explores some of the top reasons why tokens like Filecoin (FIL), Internet Computer ICP), Zcash (ZEC), and Dash (DASH) are in a strong bull run.
Zcash and Dash prices are soaring as demand for privacy tokens jump
Top privacy tokens like Zcash and Dash have been in a strong uptrend this month. Zcash has jumped from below $50 in October to $650 today as the relentless bull run accelerated.
Zcash rally was sparked by Grayscale, which launched a fund tracking the token last month. This fund has now attracted over $150 million in assets, a trend that may continue as the token rally accelerates.
Zcash price has also jumped amid pumping by popular crypto investors like Arthur Hayes, who has predicted that it will jump to over $100,000 in this cycle.
Most importantly, there are signs that people are using its token in transactions as the number of shielded tokens has jumped sharply in the past few months.
For starters, Zcash is a unique cryptocurrency that gives users a choice on whether they want their transactions to be on a public ledger or private. Shielded transactions do not reveal key details like the amount, sender, and the recipient
Dash price has also surged in the past few weeks, moving from a low of $19 to a high of $150. This rally was primarily because of the ongoing Zcash surge since the two are in the privacy industry.
Still, the main risk that these tokens are facing is that they have now moved to the markup phase of the Wyckoff Theory, meaning that they will soon go to the distribution and markdown phases.
ICP price jumps after Caffeine launch
Internet Computer’s ICP token price has done well in the past few days. It has jumped from below $2 in October to a peak of $9 today. It is now hovering near its highest level since February 1 this year.
The main reason why the ICP price has surged is the view that it was a bargain after the token plunged by over 86% from its highest level in November last year.
It also jumped after the developers launched Caffeine, a new AI platform for website and application development. The platform enables users to build quality applications and websites by just describing them on a ChatGPT-like platform. As such, there is anticipation that the Internet Computer has now become a major player in the AI industry.
Filecoin price jumps amid bargain hunting
Meanwhile, Filecoin price jumped in the past two days, moving from a low of $1.3125 on Tuesday to $2.3 today.
There was no major catalyst that drove the rally, meaning that the rally was driven bargain hunting by traders. Another possible reason is that the DePIN Day will be on November 18, a move that may benefit tokens in the industry.
The other possible reason why the Filecoin price rose is that it expanded its relationship with SingularityNET, a top player in the artificial intelligence industry..
Filecoin price is also rising as investors move to tokens in the artificial intelligence industry, with top players like Near Protocol, FET, and ICP being in a strong uptrend.
The post Why are altcoins like Filecoin, ICP, Zcash, and Dash surging today? appeared first on Invezz