Zcash Blasts Through $1,000 as Grayscale ETF and Mining Boom Drive Rally
Zcash (ZEC) surged to an unprecedented high of $1,021 on September 4, marking an impressive 88%+ gain over the previous month. The milestone came just 10 days after Grayscale introduced its first U.S.-based spot Zcash ETF, trading under the ticker ZCSH on NYSE Arca since August 25.
The rapid price appreciation has driven a substantial increase in mining participation, with the network hashrate currently operating at 91% of its record peak of 27.9 GSol/s. Top-tier miners, such as Bitmain's Antminer Z15 Pro, are generating estimated daily returns of $59.09 at prevailing ZEC valuations.
The derivatives ecosystem surrounding ZEC has also experienced significant expansion, with futures trading volume skyrocketing by 113.64% to $6.38 billion and outstanding open interest increasing by 34.97% to reach $2.16 billion.