Nasdaq-listed Reliance Global Group has converted its entire digital asset portfolio to Zcash. As a result, experts have continued to project bullish runs for the ZEC token as its momentum grows.
Reliance Global Dumps Crypto Holdings for Zcash
According to a recent press release, Reliance shared that it has completed a full change of its digital asset treasury. The firm confirmed that it has liquidated all previous holdings. This includes Bitcoin, Ethereum, Cardano, and XRP. It then converted the entire portfolio into ZEC.
The company said it made the decision after a thorough review was carried out by the firm and Crypto Advisory Board Chairman Blake Janover. They found that the coin offered the best long-term growth for a treasury portfolio.
In a statement, Reliance said that the single-asset strategy built around this coin better supports the firm’s long-term goals. As explained by CEO Ezra Beyman, the foundation around the privacy coin made it a more suitable choice.
The asset has rallied over 1,200% in the last 90 days. This comes even with the declines seen in other major assets.
The new move comes barely weeks after the company expanded its treasury to include XRP. Reliance purchased XRP tokens valued at nearly $17 million at the time.
Experts Predict Bullish Run for ZEC Price
Zcash’s continuous adoption has led to more bullish projections for the token. A crypto expert recently outlined new bullish patterns in a new analysis for the coin. Among these was a “bullish Gartley” structure with targets near $850.
Source: XPopular trader TraderSZ also said that ZEC appears ready to “run the highs.” This shows growing confidence that the momentum is far from over.
In fact, one expert went so far as to say that Zcash might flip Bitcoin as peer-to-peer digital money focused on privacy. This is, however, a very bold prediction but shows how experts look at this token.
Meanwhile, BitMEX co-founder Arthur Hayes revealed that the coin had become his firm’s second-largest liquid position right after Bitcoin. The founder has continued to show a positive outlook on ZEC.
He even predicted that the token might reach $1,000 soon if the market conditions are right. Also, OKX is considering adding the token to its listings.
Source: https://coingape.com/experts-turn-bullish-on-zcash-as-reliance-global-dumps-btc-eth-ada-for-zec/
