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BTC 
ZEC Zcash (ZEC) surged about 20% on Friday, returning to the thousand-dollar mark.
Zcash (ZEC), the privacy coin in the Bitcoin ecosystem, rose sharply on Friday, with an increase of about 20%, and the transaction price was close to the $1,000 mark. This is the first time that the token has exceeded the four-digit price threshold since early 2018.
Market Performance and Leverage Liquidation
ZEC opened at about US$828 that day, hitting an intraday high of about US$1,023, pushing its total market value to nearly US$17 billion. During this round of gains, the exchange cleared a total of approximately US$36.6 million worth of ZEC leveraged positions, of which approximately US$34.5 million came from the liquidation of positions by short sellers.
In the past year, ZEC's cumulative return has exceeded 2,300%; in the past 30 days, its increase has also reached approximately 94%.
Short stampede boosted the market
ZEC started at an opening price of more than US$828 and soared to about US$1,023 intraday, a gain far exceeding other mainstream crypto assets. In just 24 hours, the exchange cleared approximately US$36.6 million worth of ZEC leveraged positions, the vast majority of which (approximately US$34.5 million) originated from traders 'failed bets on the currency's decline.
As trading activity heats up, ZEC's average daily trading volume is close to US$1.2 billion, and its market value has climbed to around US$17 billion. As closing short positions requires buying tokens to cover, this buying pressure further pushes up prices that are already on a rising channel.
This rebound occurred against the backdrop of the overall strength of digital assets. Bitcoin (BTC) remained above $81,000, in part because investors cooled expectations for the Federal Reserve to raise interest rates this month. In contrast, ZEC has performed particularly well, with a return of more than 2,300% over the past year, making it one of the top ten cryptocurrencies by market value.
Grayscale ETF boosts demand
On August 25, Grayscale converted its nine-year-old Zcash trust fund into a spot exchange-traded fund (ETF) and listed it on NYSE Arca under the code ZCSH, allowing any investor with a brokerage account to participate in investing. The fund hit an all-time high of $80.17 in Friday's pre-market trading, about 25 percent above its initial trading price.
As prices rise, so does the demand for privacy on the chain. At present, the supply of protected ZEC has reached 4.86 million, accounting for about 28.76% of the total circulation. At the same time, the number of open interest in ZEC futures rose to about 2.3 million contracts with a notional value of about $2.3 billion.
Researchers at Grayscale pointed out that considering that artificial intelligence will make blockchain monitoring cheap and regular, the token is still undervalued.
Review of Price Volatility Since 2018
This breakthrough allowed ZEC prices to surpass their January 2018 high of approximately US$900, setting a nine-year high. However, compared with the historical high prices it set during its chaotic launch in 2016, the current price is still far behind.
Earlier this year, regulators lifted a long-standing negative factor: the Securities and Exchange Commission ended a multi-year investigation of the Zcash Foundation without recommending enforcement action.
Still, the trend over the past 12 months has not been smooth sailing. In May this year, a researcher discovered a loophole in the Orchard shield pool that may have led to the invisible counterfeiting of ZEC, causing prices to fall in June. The development team urgently released the patch that month and launched a permanent fix-Ironwood upgrade-in July. Since then, ZEC has rebounded by about 94% in the past 30 days.
