Zcash breaks to ten-year high
Zcash reached $1,290 early Wednesday, a level not seen since November 2016. The privacy token is up 2,413% over one year, according to CoinGecko. At the time of writing, $ZEC traded at $1,282, up 10.55% in 24 hours. It has gained 57.23% in the past week.
The move is notable among older digital assets. Zcash has risen 154% in 30 days. Its market cap sits near $21.62 billion, which keeps it among the top ten cryptocurrencies. The rally has not been quiet either. It followed a pennant breakout in early September. Zcash started climbing from a low of $804 on September 3. Bulls paused after $ZEC touched $1,257 on September 6, then resumed the push higher. That pattern has appeared several times during the run.
Whales add to pressure
Large holders are part of the story. Lookonchain reported that three wallets, possibly controlled by the same whale, spent 3,700 ETH worth about $9.23 million and 2 million USDC to buy 8,994 ZEC valued at $11.23 million. The analytics firm said the wallets are still buying. That kind of buying can tighten available supply, though it is hard to know how long it will last.
Derivatives data also points to fresh activity. Zcash open interest rose 15.47% in 24 hours to $2.91 billion. A short squeeze may have helped the move. CoinGlass data shows about $11.52 million in shorts were liquidated over the same period, while longs totaled $2.33 million. That mix can push prices faster when buyers keep stepping in.
ETF options go live
Zcash also crossed a regulatory and market milestone. Options on a US-listed privacy asset ETP have started trading on NYSE. The fund, ZCSH, is described as the world’s only Zcash fund. It has surpassed $500 million in assets under management and holds more than 550,000 $ZEC.
Grayscale’s Zcash ETF began trading on NYSE Arca under the ticker ZCSH on August 25. The listing gives brokerage investors a route into $ZEC without setting up a wallet. For a privacy-focused asset, that access matters. It may bring more attention, and perhaps more volatility, to a token that has already moved fast. Still, the recent numbers are clear: Zcash is at a ten-year high, and buyers are not backing off yet.
