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ZEC Zcash broke through the thousand-dollar mark, setting a nearly ten-year high.
On Friday, Zcash (ZEC) prices exceeded $1,000, reaching their highest level in nearly a decade, continuing the strong momentum of gains since about $500 last month. The token hit an intraday high of $1,029 on the Binance platform, before falling back to about $984, rising by about 20% in 24 hours, setting a new record.
According to CoinMarketCap data, the market value of this privacy coin has climbed to nearly US$17 billion, enough to make it surpass Dogecoin and rank among the top ten largest cryptocurrencies.
Breaking the $1,000 integer mark caught short traders off guard. According to CoinGlass, as Zcash prices broke through this key resistance level, approximately $34.5 million of short positions were forcibly closed, resulting in a total ZEC liquidation amount of approximately $36.6 million. Every trader forced to buy to cover short positions has increased actual market demand, which is one of the reasons why this round of gains continues to accelerate.
A short-selling market that has been brewing for many years
Zcash is a so-called "privacy coin". Although it is not the only one in the cryptocurrency field, Arguably is one of the most well-known projects on the same footing as Monero (XMR). It was launched in 2016 and was co-created by cryptographer Zooko Wilcox and his research team. Unlike Bitcoin and Ethereum, where transaction records are publicly visible by default, Zcash aims to protect transaction privacy by using zero-knowledge proof technology to hide the sender, recipient and transaction amount while still verifying the validity of the transaction.
Currently, the token is in one of the most eye-catching rising cycles in the crypto market, especially among established digital assets. In the past 30 days, it has increased by about 94%, and over 2,300% in the past year. Even after hitting an eight-year high in August, it still outperformed all other large-cap crypto assets. Grayscale's Zcash ETF began trading on NYSE Arca on August 25 under the code ZCSH, providing brokerage investors with a new way to participate in ZEC investments without having to hold a wallet.
Daily charts show that although the trend remains intact, some traders remain cautious. The Relative Strength Index (RSI) is at 78.6, well above the 70 level that traders regard as "overbought"; while the 50-day moving average is above the 200-day moving average, showing a bullish pattern. This means that short-term demand exceeds long-term demand, which is a good sign for new buyers.
The Average Trend Index (ADX), which measures the strength of a trend without distinguishing direction, is currently at 48, well above the 25 threshold used by traders to determine the existence of a true trend. Since the positive momentum is stronger than the negative momentum, this suggests that at least for the current stage, the trend is still strong enough to push prices out of overbought conditions.
While Zcash is in price discovery mode, if the rally cools, retracement levels of $892.94 and $808.63 will be reasonable support levels.
Zcash also outperformed Bitcoin, but both were triggered by the same factor earlier this week. On Thursday, comments by Federal Reserve Governor Christopher Waller lowered the expected probability of a September rate hike, triggering short liquidations across the market of more than $415 million, prompting Bitcoin to return to the $80,000 mark.
However, the situation reversed on Friday morning. The U.S. Bureau of Labor Statistics reported that the number of new jobs in the U.S. economy reached 162,000 in August, far exceeding market expectations of 56,000, and the unemployment rate remained at 4.1%. Bitcoin fell back below $80,000 again as traders raised their assessments of the probability of raising interest rates during the Fed's September 15-16 meeting. Next, the August Consumer Price Index (CPI) report released this Friday will become a key indicator of market attention.
