Zcash Surges to Decade-High, Forcing Short Liquidations
- Zcash climbed as much as 20% to an intraday high of $1,029 on Friday.
- About $34.5 million in short positions were force-closed above the $1,000 mark.
- The privacy coin’s market cap increased to approximately $17 billion, surpassing Dogecoin among the top ten cryptocurrencies.
- Zcash has gained about 94% over the past month and more than 2,300% over the past year.
- Grayscale’s Zcash ETF started trading on NYSE Arca under the ticker ZCSH on August 25.
Zcash’s recent rally is attributed to a combination of favorable Federal Reserve signals and strong market demand for privacy coins like ZEC and Monero. The surge caught many short sellers off guard, resulting in significant liquidations that further fueled price increases.
Despite Bitcoin falling below $80,000 due to renewed hike bets following a strong U.S. jobs report, Zcash maintained most of its gains thanks to its unique market position and investor interest in privacy-focused assets. (Source)
