Zcash’s 699% YTD Rally Signals Capital Rotation, Not a Confirmed Bull Trend: Raoul Pal

On Thursday, Real Vision founder Raoul Pal said Zcash's sharp advance resembles capital rotation rather than a lasting bull trend. ZEC is up about 699% since Jan. 1 to around $385, but has fallen roughly 37% over the past 30 days. Pal argued the asset needs to build a durable base before its rally can be deemed structural.