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ZEC ZEC broke through the US$1021 mark, setting a record high.
Grayscale's ZCSH ETF listing helped boost Zcash's bullish momentum. Increased mining profits and heating derivatives activity may further support ZEC price increases.
Zcash (ZEC) finally broke through the psychological barrier of $1000, setting a record high. On September 4, after another strong rebound, ZEC hit $1021. With Grayscale launching a spot ETF in the U.S., the privacy coin gained strong upward momentum. Strong mining profits provide an extra layer of support, and traders are watching closely for subsequent gains.
Grayscale ETF injects new momentum into Zcash
ZEC hit $1021 on September 4, breaking an important psychological barrier. This is the first time Zcash has traded above $1000. This trend followed the strong gains in the previous trading day. On September 3, ZEC's intraday high was close to US$979, a gain of nearly 17% that day. Looking at the longer time frame, the overall performance is stronger. In the past 30 days, ZEC has increased by more than 88%. In six months, Zcash's exchange rate against the U.S. dollar has increased by about 353%.
Grayscale's ETF was the main catalyst for this latest rise. The asset management company listed ZCSH on NYSE Arca on August 25. The move provides investors with a new U.S. investment channel to gain access to Zcash assets. Traders quickly linked the listing to ZEC's accelerated price action. Crypto Banter also highlighted this trend after ZEC exceeded $1000.
The account attributed part of the rebound to the growing market demand for privacy. Zcash provides a blocked transfer function supported by zero-knowledge cryptography. This technology allows users to protect transaction details on the network. As the scope of blockchain surveillance expands, privacy has become a more prominent theme. Some traders now view Zcash as a potential hedging tool against trading surveillance. In addition, the maximum supply of Zcash is limited to 21 million coins.
Mining profits and derivatives markets jointly contributed to the rally
Zcash's mining activity climbed as token prices rose. Internet computing power reached a historical high of 27.9 GSol/s on August 28. The current computing power remains at around 91% of its historical high. This level of activity suggests that miners continue to believe that ZEC has considerable economic benefits. Bitmain's Antminer Z15 Pro is currently among the most profitable ASIC miners. According to reports, at current ZEC prices, the machine can generate approximately $59.09 in revenue per day.
The older Antminer Z15 also remains profitable under current market conditions. The Z15 reportedly generates approximately $29.25 in revenue per day. Both machines have been sold out on Bitmain's official website. The current price of the Z15 Pro on the resale market is higher than the official pricing of $4999. The rising demand reflects growing interest in Zcash mining hardware. Mining profitability affects network participation over time. More profitable devices can encourage more computing power to the network.
At the same time, ZEC's derivatives market has expanded as the spot market has risen. Futures trading volume recently surged 113.64% to approximately US$6.38 billion. Open interest increased 34.97% to approximately US$2.16 billion. Spot trading volume reached approximately US$594.6 million in 24 hours.
