Crypto
Zcash Soars 51% on ETF Demand
Zcash has surged more than 51% in just one week to trade near $1,244 on September 10. The surge is largely attributed to demand for Grayscale's Zcash ETF.
The ETF has been a major catalyst behind the rally, with over $532.9 million in assets under management as of September 8. This represents a significant portion of circulating supply, and its impact on the market cannot be overstated.
Short liquidations also played a role in accelerating the price increase. Traders were forced to buy back Zcash after short positions were closed, further driving up demand.