Grayscale Zcash Trust Rallies 340%, ZEC Reaches $180 Amid Hype
Institutional interest and community enthusiasm have driven Zcash (ZEC) to levels unseen since early 2022.
- The Grayscale Zcash Trust, launched in October 2021, rose from $4.9 to $13.8 over the past 30 days.
- The fund has a market cap of $66 million with 4.76 million shares sold, experiencing a 340% growth in six months.
- ZEC increased by 36% in the last 24 hours, reaching $180.7, with a market cap of $2.93 billion and daily trading volume around $750 million.
- This surge led to $2 million in short liquidations for ZEC futures traders, enhancing positive sentiment.
ZEC's Future Prospects
- ZEC is still 97% below its all-time high of $5,941.
- Community hints at a $5,000 price target, although current market conditions differ significantly from 2016.
- To reach $5,000, ZEC would require a market value of $81.25 billion; breaking the previous ATH would need $96.54 billion.
- More utility and broader interest are needed for ZEC to realistically approach the $800 to $1,000 range amid volatile market conditions.