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ZEC Zcash has strongly ranked among the top ten cryptocurrencies, and the derivatives market is undercurrent behind the thousand-dollar mark.
After a sharp rebound, Zcash (ZEC) briefly broke through the US$1,000 mark and successfully ranked among the top ten cryptocurrencies in market value. At the same time, the surge in leveraged trading volume has added great uncertainty to subsequent trends.
ZEC has gained about 20% in the past 24 hours, hitting an intraday high of $1,023 on Friday, pushing its market value to nearly $17 billion. According to CoinMarketCap, Zcash currently ranks as the 10th largest cryptocurrency, trading at approximately $983 and having a market value of nearly $16.6 billion.
This rally continued its extraordinary performance trajectory. In the past month, ZEC has risen by about 94%, and in the past year it has soared by more than 2,300%. Zcash, once a veteran privacy coin, has now transformed into one of the most powerful performing large crypto assets.
However, the surge in spot prices is only half the story. The size of the derivatives market is significantly raising the stakes in the game.
The US$2.3 billion derivatives market drives up risk exposure
The number of open interest contracts in ZEC futures has climbed to approximately 2.3 million ZECs, worth approximately US$2.3 billion at current prices. That figure, equivalent to about 14% of Zcash's total market value, shows an unusually large derivatives footprint and reflects the aggressive bets that traders have made on the rally.
The latest market developments have dealt a heavy blow to short traders. In the past 24 hours, approximately US$36.6 million of ZEC leveraged positions were liquidated, of which approximately US$34.5 million were short orders. This means that short positions account for as much as 94% of reported liquidations.
Short orders tends to exacerbate existing gains as short traders forced to close their positions must buy ZEC to close their positions, adding another demand force to the market.
Grayscale opens up new Wall Street channels for ZEC
This surge also follows major changes in the way U.S. investors obtain Zcash. Grayscale converted its long-running Zcash trust fund into "The Zcash ETF," and a U.S. Securities and Exchange Commission filing confirmed the product's name and structure at the end of August. Its shares are traded under the symbol ZCSH, providing a regulated brokerage market channel for investors seeking exposure to ZEC.
This institutional catalyst has been in the making for weeks. As early as Grayscale's revised ETF application detailed plans to list on the New York Stock Exchange Arca and a 2.5% management fee, ZEC rebounded, pushing Zcash prices back to the highs seen in the 2018 cycle. ETF progress has become one of the clearest catalysts for this round of rebound.
In addition, Grayscale released an aggressive long-term scenario analysis: If Zcash ends up accounting for 10% of Bitcoin's market value, ZEC could theoretically reach about $8,100. Although this is a scenario rather than a prediction, it suggests that the institutional narrative surrounding privacy coins is changing as ZEC's valuation improves.
It is worth noting that Zcash has suffered serious setbacks before. A few months ago, ZEC fell more than 30% due to the disclosure of an Orchard isolation pool vulnerability. Subsequently, the developer fixed the issue and completed the Ironwood security upgrade.
Therefore, ZEC's entry into the top ten is not just a one-day price pulse. But with about $23 billion in futures positions piled up on about $17 billion in assets, the leverage that fueled this rally could also cause the next reversal to be equally violent and violent.
