Zcash Surges Over $1,200, Market Cap Reaches $20 Billion
- Zcash (ZEC) surged past $1,200 on Sunday, achieving a weekly gain of over 45%.
- The market capitalization of ZEC hit $20.44 billion, making it the ninth-largest digital asset.
- More than $24 million in leveraged positions were liquidated, with short bets accounting for $17.5 million.
- Grayscale’s Zcash ETF launch is expected to sustain high institutional demand.
- The Zcash network solrate briefly exceeded 30 gigasols per second due to increased mining activity.
Zcash’s recent price surge has significantly impacted its market position and attracted increased attention from institutional investors through the launch of Grayscale’s ETF. The coin’s market cap now ranks it as the ninth-largest digital asset, overtaking HYPE.
This surge has also led to substantial derivatives liquidations and increased mining competition, reflecting heightened interest and activity around the privacy-focused cryptocurrency. (Source)
