Zcash Surges to Eight-Year High as Futures Bets Soar

Zcash has hit an eight-year high after gaining over 50% in just four days. The price surge was fueled by a significant increase in open interest in ZEC perpetual futures, which rose from $963 million to $1.8 billion in five days.

The rise in demand for long positions is raising concerns about a potential short squeeze if the price continues to climb. This could lead to a sharp correction in the market.

Despite the recent gains, Zcash remains well below its all-time high of $3,191.93 set in October 2016. The coin has been on a remarkable run since last year, appreciating by over 1,800%.