Privacy sector hits $33.6B, up 213% since Bitcoin's peak, as ZEC leaps from rank 82 to 7
Kamino's ZEC-backed borrowing on Solana could enhance DeFi's appeal by integrating privacy-focused assets, potentially reshaping market dynamics. Kamino launches ZEC-backed borrowing on Solana, letting users borrow USDC against Zcash.
Zcash has surged 128% in 30 days, but open interest measured in ZEC suggests the bull market may still be relatively early. The long-term technical setup targets $2,500, although an overbought RSI and bearish divergence increase the risk of a pullback toward $860.
Solana's rise in ZEC trading highlights DeFi's growing role but underscores security risks in cross-chain bridges, crucial for future stability. Solana spot volume for ZEC hits $64M, ranks fourth among centralized exchanges.
Zcash (ZEC) has extended its remarkable rally, putting major short sellers under mounting pressure as the privacy-focused cryptocurrency trades at levels not seen in nearly a decade. ZEC was trading around $1,176, up 1.2% over the past 24 hours and 44.1% over the previous week.
Crypto markets are navigating a tighter macroeconomic environment after the latest U.S. labor report significantly exceeded expectations. August nonfarm payrolls increased by 162,000, compared with forecasts of just 55,000, while unemployment remained at 4.1%.
ZEC reached a high of $1,249.28, its highest level since 2016, with a market capitalization exceeding $20 billion. The token has gained 37% over the past week and 138% over 30 days, driven by the conversion of the Grayscale Zcash Trust into an ETF.
ZCAT has attracted attention by sharing Zcash with holders, although a 3% fee on token transactions funds the payments.
A Hyperliquid trader with 26 consecutive wins is $5.3 million underwater on an $18.95 million ZEC short, with liquidation at $1,317, roughly 10% above where zcash trades currently. $1,317 Is the Number on the Screen A Hyperbot dashboard revealed the trader's potentially unfortunate story in one row: Short 15,784.
Zcash price traded near $1,197 on Sept. 7 after gaining roughly 43% over the week, as its breakout above $1,000, ETF demand, and short liquidations fueled the rally.
ZEC gained 45% over the past week, extending its rally since Grayscale converted its Zcash Trust into an ETF that began trading Aug. 25.
A tracked Hyperliquid wallet shows a $25.7 million unrealized loss on a Zcash short after ZEC's price passed $1,200.