Zcash Surges into Top 10 as ETF Momentum Continues to Drive Price
Zcash has experienced a significant surge in price, pushing it into the top 10 cryptocurrencies by market capitalization. The asset's price has risen by around 19% over the past 24 hours, with its market capitalization climbing above $20 billion. This growth is largely due to the increasing demand for Zcash following the launch of its ETF, trading under the ZCSH ticker on NYSE Arca.
The ETF, launched by Grayscale on August 25, has attracted at least $34.4 million in net inflows since its inception. This influx of capital has contributed to the asset's price appreciation, with Zcash now holding a market capitalization above $20 billion. The ETF provides investors with direct exposure to Zcash through traditional brokerage accounts, without requiring them to hold the cryptocurrency directly.
The surge in demand for Zcash has come at the expense of short sellers, who have seen their positions wiped out by the asset's rapid price increase. According to derivatives data provided by CoinGlass, around 90% of all liquidations came from traders betting on the price falling. Binance and Hyperliquid were among the exchanges that saw significant liquidation waves, with approximately $20.69 million in ZEC positions being wiped out.