ZEC remains near $1,000 as short liquidations dominate derivatives trading, while $2.3B in open interest and a fast-growing ETF raise the stakes.
Privacy token Zcash (ZEC) faces a 562% liquidation imbalance after a sharp rally forced traders betting against the token out of leveraged positions.
Zcash broke above $1,000 on Sept. 4, pushing the asset value of Grayscale's recently listed ZCSH ETF past $400 million less than two weeks after its debut.
Zcash traded above $1,000 on this week for the first time since its 2016 launch, and three of crypto's loudest voices spent the day explaining why they own it. The Chart Arthur Hayes Could Not Stop Crying Over At 22:18 UTC on Thursday, Arthur Hayes posted a one-hour chart showing ZEC at $1,021.
The cryptocurrency market is once again turning toward one of its original principles: privacy. While Bitcoin and Ethereum continue to capture much of the institutional spotlight, assets such as Zcash (ZEC) and Monero (XMR) are recording strong moves and regaining attention.
Zcash reached an intraday high of $1,023 on September 4 as Grayscale's ZCSH ETF logged about $34.4 million in net inflows since debut.
Zcash is seemingly winning this bullish cycle in the crypto market. ZEC is up nearly 100% over the past month, crossing $1,000 for the first time in almost a decade.
Zcash has climbed to $1,033.60, extending a powerful rally that has pushed ZEC to levels not seen in nearly a decade. The latest move has forced millions of dollars in short positions to close as the token breaks above key psychological levels.
Zcash entered the top ten after ZEC crossed $1,000 and trading volume climbed to $1.62 billion.
Grayscale's ZCSH inflows climb as surging network competition cuts into miners' gains from the ZEC token's rally.
Zcash (ZEC) has surged above the $1,000 mark, extending a dramatic recovery that appeared unlikely just months ago. On September 4, the Zcash price climbed above $1,010, with ZEC gaining roughly 6% during the latest daily trading session.
The privacy coin's squeeze rode a Fed-driven crypto rally that reversed hours later, when a stronger-than-expected jobs report sent Bitcoin back under $80,000.