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ZEC Zcash hits new high: eight-year milestone
Zcash strongly broke through $800 on Saturday, setting its highest price level in eight years. In the process of surpassing the peak in January 2018, a new round of demand has accelerated the upward trend. Since then, the asset's price has stabilized at around US$798.11, daily trading volume has hovered at approximately US$9.93 billion, and its market value has been approximately US$13.43 billion.
Intra-day volatility intensifies
On the same day, Zcash rose 24.07%, with a trading range between US$589 and US$851, with a volatility of nearly 45%. With this surge, Zcash surpassed the intraday high of $750 set in November last year.
Market activities are significantly affected by derivatives trading. ZEC futures trading volume reached US$4.55 billion, while spot trading volume was only about US$553 million. The size of open interest is close to US$1.35 billion. High derivatives trading volume can boost prices through leverage, but if the trend reverses, it will also increase liquidation risks. ZEC broke through $800, highlighting a strong market breakthrough and surpassing its peak in 2018.
Impact of grayscale applications
Another key factor driving price increases is the recent actions of grayscale companies. On August 18, Gray proposed to convert its Zcash trust into a spot exchange-traded fund and plans to list on the New York Stock Exchange's Arca platform under the code ZCSH. Implementation of the plan is subject to approval by the U.S. Securities and Exchange Commission. Gray is known for its investment products that focus on digital assets.
The application also disclosed non-binding negotiations with DCG International Investment, a subsidiary of Digital Asset Group, involving the acquisition of approximately 200,000 ZECs through trusts. Based on Saturday's prices, the position is worth approximately $163 million. Although these discussions indicate strong institutional interest, the terms of the acquisition may still change because they are non-binding.
How is the network upgrade going?
Yes, the long-term evaluation of Zcash is also inseparable from network development. The Tachyon project's roadmap aims to increase the scalability of private transactions, improve wallet synchronization, and enhance preparations for quantum resistance.
However, the researchers pointed out that the Zcash network has not yet fully achieved quantum resistance. Developers fixed a critical vulnerability related to Orchard in June, making cybersecurity and supply verification a core issue that is closely watched by users and investors.
The recent surge has pushed Zcash above $800, setting an eight-year high.
Gray's move to transform its trust highlights strong institutional interest.
Cybersecurity and quantum resistance remain key areas of concern.
Zcash has significantly climbed to unprecedented levels, demonstrating the dynamic and evolving nature of the cryptocurrency market. While stakeholders pay close attention to regulatory decisions and network developments, Zcash's trend will remain the focus of digital asset discussions.
