Zcash Price Surged Above $1,000: The Asset Entered The Top 10 Cryptocurrencies

• Over the week, ZEC has surged by more than 30%, and its market cap has topped $17 billion.
• Over the past 24 hours, liquidations of ZEC futures positions have exceeded $36 million.
• Amid the rally, trader Garrett Jin lost more than $18.5 million on a short position.

The price of the Zcash (ZEC) cryptocurrency has climbed above $1,000. Over the week, the asset gained more than 30% and entered the top 10 cryptocurrencies by market cap.

ZEC’s market cap has surpassed $17 billion. At the same time, the sharp price jump triggered large-scale liquidations of futures positions. Over the past 24 hours, their volume exceeded $36 million.

According to Crypto Banter, Zcash broke above the $1,000 mark about 10 days after the launch of the first US spot Zcash ETF. Grayscale launched the ZCSH fund on August 25 on the NYSE Arca exchange.

Short sellers’ losses and the token’s outlook

Amid ZEC’s surge, short sellers suffered heavy losses. According to Lookonchain, Garrett Jin lost more than $18.5 million on a short position totaling 32,760 ZEC. When the asset broke above the $1,000 mark, the position was valued at $33.11 million.

In addition, Syncracy Capital co-founder Ryan Watkins said that ZEC is a “meme,” and that privacy is a feature that can be implemented on any blockchain.

According to him, Zcash’s tech stack can be deployed on other networks, while he views ZEC itself as a meme asset. Watkins also compared the situation to bitcoin, calling it an “institutional meme.”

In his view, bitcoin has a significant advantage because it was first and accumulated the core liquidity. At the same time, he said he does not understand the need for “another bitcoin.”

Watkins also noted that, in his opinion, most holders of the first cryptocurrency do not care about the original cypherpunk values and do not use the asset as a private Bitcoin.

Meanwhile, an X user under the handle maxnaut believes ZEC is one of the few crypto assets with a fixed supply that is suitable for preserving value alongside bitcoin.

By his estimates, Zcash’s market cap is currently about 1% of bitcoin’s market cap. If bitcoin reaches $160,000 per coin, then at different shares of that value, ZEC’s price could be:

• 1% — $1,600
• 2% — $3,200
• 3% — $4,800
• 5% — $8,000
• 10% — $16,000.

He added that the calculations are based on fully diluted valuation (FDV), not just the circulating supply.

Earlier, we published a ranking of the top 10 most profitable crypto assets of the week. Read more in the article.

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