Zcash Hits Highest Price in Nearly a Decade, Crushing Short Bets — SkimNews
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- Zcash surged as much as 20% to an intraday high of $1,029 on Binance on Friday, its highest price in nearly a decade, before easing to around $984.
- The break above $1,000 triggered about $34.5 million in short liquidations, pushing total ZEC liquidations to roughly $36.6 million, per CoinGlass data.
- Christopher Waller's Thursday remarks that he'd be 'inclined to support' holding rates steady pulled September Fed hike odds from 63.2% to 50.4% and sparked more than $415 million in crypto-wide short liquidations that set up Friday's move.
- Zcash has gained roughly 94% over 30 days and more than 2,300% over the past year, outpacing every other large-cap crypto asset even after an eight-year high in August.
- Zcash market cap climbed toward $17 billion, pushing it past Dogecoin into the top ten cryptocurrencies, per CoinMarketCap, while its daily RSI sat at a stretched 78.6.
- Friday's August jobs report — 162,000 jobs added vs. a 56,000 consensus — sent Bitcoin back below $80,000 on renewed hike bets for the September 15–16 Fed meeting, while Zcash held most of its gains.
Why it matters: Zcash's $1,000 break and roughly $17 billion market cap pushed the privacy coin past Dogecoin into the crypto top ten, a ranking shift that institutionalizes a niche asset just weeks after Grayscale's ZCSH ETF began trading on NYSE Arca on August 25 — and the move was paid for by short sellers forced to buy back $34.5 million in ZEC, the kind of forced flow that keeps a squeeze running even as Bitcoin faded on a hot jobs print.
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