Key facts
- Zcash (ZEC) reached an intraday high of $1,029, its best price in nearly a decade.
- Approximately $34.5 million in Zcash short positions were liquidated.
- The rally was initially fueled by Fed Governor Christopher Waller's comments suggesting a pause in interest rate hikes.
- A stronger-than-expected U.S. jobs report caused Bitcoin to dip below $80,000.
- Zcash has gained about 94% over the past 30 days and over 2,300% over the past year.
Zcash (ZEC) surged to its highest price in nearly a decade, reaching an intraday high of $1,029 and triggering significant short liquidations. This rally was initially spurred by Federal Reserve Governor Christopher Waller's remarks suggesting a pause in interest rate hikes, which also boosted Bitcoin and other cryptocurrencies. The positive sentiment led to over $415 million in crypto short liquidations across the market.
However, the U.S. jobs report released Friday showed significantly more jobs added than expected, causing Bitcoin to fall back below $80,000 as traders repriced the likelihood of a September rate hike. Despite this, Zcash managed to hold onto most of its substantial gains, extending a run that has seen it gain approximately 94% over the past month and over 2,300% in the past year.
Zcash, a privacy coin launched in 2016, uses zero-knowledge cryptography to obscure transaction details. Its recent performance has outpaced most other large-cap cryptocurrencies. Grayscale's Zcash ETF began trading on NYSE Arca on August 25, providing investors with a new avenue to gain exposure to the digital asset.