Zcash Price Skyrockets to $1,001 Amid Grayscale's ETF Launch
Zcash's price surged to $1,001 on September 4, marking a 20% increase in just one day. The rally is largely attributed to Grayscale's recent launch of a ZEC ETF, which has already amassed over $400 million in net assets.
According to Grayscale, the growing attention towards digital privacy coins and the perception of Zcash as 'hard money' due to its capped supply are contributing factors to the price appreciation. This thesis is supported by Zach Pandl, head of research at Grayscale, who expects the price of ZEC to reach $8,100 if it takes only 10% of Bitcoin's market share.
Despite a short squeeze wiping out over $34 million in Zcash short positions between September 3 and 4, open interest remains at a record high of $2.33 billion, indicating that the rally may have more steam left.