Zcash Blasts Through $1,000 Barrier After 10-Year Wait

Zcash has finally broken through the $1,000 barrier for the first time in over a decade. The cryptocurrency's market value is now at $16.64 billion, ranking it among the top 10 cryptocurrencies.

The surge has been dramatic, with ZEC jumping nearly 20% in the past 24 hours to around $1,010. In just one month, its price has surged by an impressive 96%, from roughly $485. Over the past year, it's gained more than 2,300%, and two years ago, it traded at a mere $15.97.

The launch of the Grayscale Zcash Trust (ZCSH) on the NYSE Arca in August has likely contributed to ZEC's recent rise, as it allows investors to gain exposure to ZEC through regular brokerage accounts.

Short sellers have taken big losses as a result of ZEC's sharp price increase. According to Lookonchain and WuBlockchain, over $36.6 million worth of leveraged ZEC positions were liquidated in the past 24 hours, including around $34.5 million in short positions.