Zcash Surges Past $1,000, Enters Top 10 Cryptocurrencies
Zcash has surged past $1,000 for the first time, entering the top 10 cryptocurrencies by market capitalization. Over the week, ZEC gained more than 30%, with its market cap exceeding $17 billion, according to CoinMarketCap.
The rapid price increase hit traders who were betting on a decline, leading to over $36 million in liquidated ZEC futures positions in a day, according to Coinglass. The sharp move has changed the balance of power between buyers and sellers.
Not everyone is optimistic about Zcash's prospects, however. Ryan Watkins, co-founder of Syncracy Capital, views ZEC as a 'meme' and privacy as a feature that can be implemented on any blockchain. He believes that Bitcoin gained its status due to being the first asset and having concentrated liquidity.