Zcash Hits Decade High, Surges 2,413% in One Year
Zcash has reached a ten-year high of $1,290 and locked in a one-year gain of 2,413% as its price continues to surge. The privacy token is currently trading at $1,282, up 10.55% in the last 24 hours.
This impressive run has pushed Zcash's market cap to $21.62 billion, making it one of the top ten cryptocurrencies by market value. According to CoinGecko data, ZEC has risen 154% in the last 30 days and is up 2,413% on a one-year basis.
The surge in Zcash's price coincides with increased buying pressure from whales, or large holders. Three wallets spent 3,700 ETH (about $9.23 million) and 2 million USDC to buy 8,994 ZEC worth $11.23 million, according to Lookonchain.
This is not the only indicator of new money entering the market; Zcash's open interest has increased 15.47% to $2.91 billion in the last 24 hours. Additionally, a short squeeze may have aided the rally, with $11.52 million in shorts being liquidated.