Zcash Blasts Past $1,000 as Prominent Investors Weigh In

Zcash has surged past $1,000 for the first time since its launch in late 2016, and it's not just one enthusiastic investor calling the shots. Arthur Hayes, a well-known crypto advocate, was so impressed with the coin's performance that he posted a chart showing ZEC at $1,021.69 on Thursday evening.

The chart tells a story of dramatic growth: after hitting a low of around $250 in early June, Zcash spent July fluctuating between $400 and $580 before taking off in August. By Thursday night, it had reached four digits for the first time since its launch, and Hayes joked that he was 'zidelined' by its success.

Hayes wasn't alone in his enthusiasm - Matt Hougan, chief investment officer at Bitwise, has identified Zcash as one of three crypto stories worth owning right now, along with Bitcoin for currency debasement and ETH, SOL, and UNI for a decade-long tokenization super cycle. Meanwhile, Qiao Wang, founding partner of Alliance DAO, revealed that his personal portfolio holds only Bitcoin and Zcash, and that on a risk-adjusted basis, the Zcash position rivals his entire equity book.

However, with an open interest above $2 billion and a 24-hour high of $1,046, there are concerns about the potential for a correction. Additionally, Grayscale's new ETF, ZCSH, comes with a 2.5% fee that may cap inflows once the novelty fades.