Zcash Price Surges 20% in 24 Hours, Enters Top 10 by Market Cap
Zcash's price surged about 20% in 24 hours, briefly touching $1,046 and catapulting its market capitalization to over $17 billion, making it the tenth largest cryptocurrency by market cap. The ZEC token has added approximately 94% over the past 30 days, with a 2,300% gain in the past year.
The Grayscale ETF launch is seen as a fundamental catalyst behind the advance, offering direct exposure to Zcash and returning revenue from a 2.5% fee to the ecosystem. Analyst Rain notes that improvements making private Zcash transactions faster have also contributed to the rally.
However, short liquidations totaling $34.5 million suggest that traders are repurchasing tokens, potentially accelerating the price. Market watcher Taiki Maeda believes the rally will continue, citing underownership among liquid fund managers and crypto participants.