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ZEC Core Insights
Zcash (ZEC) hit a record high of $1,029 after nearly two weeks of consolidation near its previous high. The value of ZEC open interest also climbed to a record high of $2.15 billion. Grayscale's ZEC ETF seems to be a common factor triggering renewed interest in the market. As Zcash once again reaches a major price milestone, its price movements have made headlines. It is one of the few cryptocurrencies to explore all-time highs (ATH), and this time it broke through the four-digit price mark.
Zcash started in celebration at the beginning of the week, breaking the $1,000 mark for the first time. The privacy coin peaked at $1,029 on Friday, driven by renewed bullish momentum over the past two days. Previously, ZEC showed signs of consolidation after rebounding in late August. As of press time, after a slight correction, the transaction price of the privacy coin was US$971.
Zcash Price Trend| Source: TradingViewAs of press time, ZEC is in a deeply overbought area. This explains its slight decline from a record high.
Zcash price trend: Short squeeze is at work
There are multiple drivers behind Zcash prices 'historic entry into the four-digit range, which may include a short squeeze event. The consolidation observed in late August attracted large short positions. This is evident in the surge in short liquidations observed since late August. In the past two days, a "long trap" has caused liquidations to soar. In the past 24 hours, ZEC's crypto-assets have been liquidated by more than US$32 million.
ZEC clearing data| Source: CryptoQuantLiquidation data suggests that short squeeze may have helped the privacy coin break through its continued rise of US$1,000. CoinGlass data showed that this was supported by a surge in positive net spot flow of approximately US$23 million observed on September 23. Liquidation is often a double-edged sword. The price of Zcash (ZEC) may also face the risk of long liquidation, which could quickly translate into a sharp sell-off.
The value of open contracts in this privacy coin also soared to a record high. The value of open interest contracts peaked at $2.15 billion in early trading on Friday, indicating strong demand in the derivatives market.
Zcash Crypto Asset Open Interest Contract Value| Source: CryptoQuantIn addition to the risk of a downward liquidity sweep from the rising value of open interest, the privacy coin also showed a bearish divergence. Although prices are hitting new highs, the highs of the Relative Strength Index (RSI) are even lower.
Grayscale's ZCash ETF asset management increased to US$362 million
Zcash prices hit record highs in just 10 days after Grayscale launched the privacy coin's first official ETF in the United States. The ETF was listed on the New York Stock Exchange on August 25. This listing verifies Zcash's status as a mainstream cryptocurrency and consolidates its position as the top ten cryptocurrencies by market value. As of now, Grayscale's ZEC Asset Management Scale (AUM) has exceeded US$362 million.
In addition to the launch of the Grayscale Zcash ETF, the ZEC price trend also benefited from the popularity of privacy coins. Other currencies such as Monero have also experienced strong demand due to the continued appeal of privacy coins. There may be room for growth in ZEC prices, and there may even be more price discovery processes. Especially now that the floodgates to institutional liquidity have been opened.
Polymarket currently predicts that by 2027, there is a 76% probability that Zcash prices will reach US$1,100 and a 50% probability that Zcash prices will reach US$1,300. Polymarket also priced the probability of ZEC prices soaring to $1,500 at 22%.
Zcash crypto assets are currently slightly ahead of Monero in terms of technical details and firmly ranks among the top privacy coins. Analysts are eager to see whether the privacycoin sector continues to outperform the broader market or give way to a liquidity rotation triggered by profit-taking in the fourth quarter.
