Key Insights:
- ZCash price has gained 2,850% over the last year thereby making it to top ten crypto list.
- Retail, mid-sized and institutional traders are all increasing their ZEC buying activity.
- 21Shares launched Europe’s first Zcash ETP on Euronext Paris and Amsterdam.
Privacy coin ZCash (ZEC) has continued its outperformance against the broader crypto market, with another 9% price gain in the last 24 hours. Now, the ZEC price has surged past $1,600, a level last seen ten years ago in 2016. Furthermore, institutional demand for the privacy coin remains high as Europe’s first ZCash ETP (exchange-traded product) goes live.
ZEC Price Hits 10-Year High on Record Rally
On the 1-year chart, ZCash crypto has delivered a record rally, gaining a staggering 2,850%, all the way from $55 to now above $1600. It has clearly outperformed BTC and the entire altcoin market, while carving out a place in the top-ten crypto list. With this rally, ZCash’s market cap has surged to $27.5 billion, as per data from CoinGeckco.
On-chain data provider LookonChain reported that as the ZEC price surges past $1,600, one trader on Aster DEX has recorded an unrealized return of more than 15x on a leveraged ZEC long position.
Trader 0xE34E opened a 50x long position worth $224,000 for 140 ZEC. The position is currently showing an unrealized profit of $70,700, representing a 1,581% return.
As per data from Crypto Patel, the ZCash price rally could continue further up to $1872, following the breakout from the symmetrical triangle pattern. Here, investors need to be cautious while building new positions.
Institutional Participation Pushes ZEC Price Higher
Crypto analyst Ardi stated that the continued strength in ZEC’s price, even after recent pullbacks, is driven by broader participation from different trader groups.
Ardi noted that mid-sized trades, representing transactions between $10,000 and $100,000, continue to reach new highs. Retail-sized trades below $10,000 and institutional-sized trades between $100,000 and $10 million are also increasing their buying activity.
According to Ardi, mid-sized participants had previously driven most of the rally while other groups remained on the sidelines.
On the other hand, ZCash miners are making strong moves as it has become profitable than Bitcoin mining. Cypherpunk has reported the first figures from its Zcash mining operation, producing 3,023 ZEC over a 14-day period.
The company said it sold none of the mined ZEC, with the entire amount added to its treasury. The development marks a shift from solely acquiring Zcash to also mining and retaining the cryptocurrency.
ZCash ETF: Europe Gets Its First ZCash ETP
Asset manager 21Shares has launched Europe’s first exchange-traded product tied to Zcash. The company has listed the physically backed ETP on Euronext Paris and Euronext Amsterdam.
The launch also includes a physically backed product tracking Etherfi’s governance token, ETHFI. Both ETPs carry an annual management fee of 2.5% and provide regulated exposure through traditional brokerage accounts without requiring direct token custody.
The European launch follows Grayscale’s introduction of its spot Zcash ETF on NYSE Arca in the United States.
Since the launch of Grayscale’s spot Zcash ETF, the product has accumulated more than $949 million in assets under management (AUM), with 623,316.53 ZEC held. The ZEC ETF has 7,789,300 shares outstanding and averages around 638,000 shares in daily trading volume.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency, leveraged trading and exchange-traded crypto products involve substantial risk.
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