- Zcash price reached $1,023 after gaining about 94% over 30 days and lifting its market value toward $17 billion.
- Grayscale’s ZCSH recorded at least $34.4 million in net inflows after its August 25 NYSE Arca debut.
- A triangle breakout points to $2,500 long term, although an overbought RSI raises near-term pullback risk.
Zcash price crossed $1,000 on Friday and reached $1,023, extending its 30-day gain to about 94%. The privacy coin approached $17 billion in market value after trading near $200 in March. Strong ETF inflows, short liquidations, and rising network activity accompanied the move. Friday’s move extended the wider recovery.
Zcash Price Climbs as ZCSH Attracts Fresh ETF Inflows
The Zcash price rally followed Grayscale’s August 25 launch of the Zcash ETF. The fund trades on NYSE Arca under ZCSH. The fund converted from the former Grayscale Zcash Trust and provides regulated exposure through brokerages.
SEC filings show that the fund holds ZEC and issues shares representing beneficial interests. Grayscale data showed $34.4 million in net inflows after launch. September 2 produced its strongest session with $12.6 million.
ETF inflows grew during the Zcash price rally, and derivatives activity expanded alongside the advance. About $36.6 million in leveraged positions were liquidated within 24 hours. Shorts represented roughly $34.5 million, while futures open interest reached about $2.3 billion.
Community reaction mixed enthusiasm with caution. CoinDesk quoted Grayscale’s Zach Pandl saying, “We need privacy solutions.” He said Zcash could help.
Meanwhile, Crypto Patel noted ZEC’s recovery from about $16 in 2024. Patel warned against chasing above $1,000 and urged earlier buyers to consider profits.
Zcash Price Rally Draws Mixed Views as Mining Power Rises
The Zcash price increase also attracted more computing power. Network solrate climbed from nearly 25 GSol/s in late August and briefly exceeded 30 GSol/s. ZcashInfo explains that solrate estimates mining power from network difficulty.
Greater competition reduced estimated mining returns despite the higher ZEC price. The Antminer Z15 Pro generated about $708 per MWh, according to TheEnergyMag. That estimate stood 3% below its August 24 level.
Technical analyst Alejandro Arrieche identified an ascending triangle developing since March. ZEC broke the $675 to $700 resistance zone during August. The pattern’s measured move places a long-term target near $2,500, although projections do not guarantee future prices.
The RSI entered overbought territory after the breakout. Arrieche identified $1,200 as a near-term target before a possible pullback. For the Zcash price, holding $1,000 would preserve the breakout, while a reversal could expose buyers.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
