Zcash (ZEC) climbed above $1,600 for the primary time since 2016 after 21Shares launched Europe’s first Zcash exchange-traded product (ETP) on Euronext Paris and Amsterdam.
The rally coincides with the privateness coin increasing entry by way of conventional funding markets, whereas heady brief liquidations and leveraged buying and selling add one other layer to the value motion.
21Shares Launches Europe’s First Zcash ETP
CoinGecko reported the value milestone on September 23, with ZEC buying and selling round $1,600 after reaching an intraday excessive of roughly $1,643. The itemizing provides traders one other approach to acquire publicity to the cryptocurrency with out holding ZEC immediately.
The bodily backed product trades on Euronext Paris and Amsterdam. Traders can purchase it by way of conventional brokerage accounts, avoiding the necessity to handle crypto wallets or take direct custody of the tokens. Its annual administration price is 2.5%.
21Shares additionally launched a bodily backed ETP monitoring ETHFI, the governance and utility token of the Ether.fi decentralized finance protocol. That product carries the identical 2.5% annual price as its ZEC counterpart.
The European itemizing follows Grayscale’s launch of its spot Zcash ETF, which trades on NYSE Arca underneath the ticker ZCSH. Collectively, the merchandise give traders in america and Europe regulated funding automobiles tied to ZEC.
The worth transfer has additionally caught the eye of leveraged merchants, with Lookonchain reporting {that a} dealer recognized as 0xE34E opened a 50x lengthy place on 140 ZEC, price round $224,000. With the token breaking above $1,600, the place confirmed an unrealized revenue of roughly $70,700, representing a reported return of 1,581%.
ZEC Outpaces the Broader Crypto Market
CoinGecko’s newest figures put ZEC simply barely above $1,600, up greater than 10% over 24 hours, 43% in seven days, and over 91% throughout 30 days. Its one-year acquire stands at 3,266%. The weekly efficiency comfortably exceeds the broader crypto market’s 14.1% improve in the identical interval.
Buying and selling exercise has additionally picked up. ZEC recorded round $1.77 billion in 24-hour quantity, a 61.1% improve from the day gone by, with its worth transferring between roughly $1,456 and $1,643 throughout that interval.
ZEC cleared $1,500 final week after climbing 190% in a month, and analysts on the time didn’t agree on what would occur subsequent. Considered one of them, Ali Martinez, wrote that “momentum stays sturdy” and pointed to $1,800 as his subsequent goal, a name he first made in late August when the asset was buying and selling close to $820.
Picolas Cage, one other dealer on X, predicted Zcash may finally attain $14,000, arguing that traders haven’t correctly positioned the place the token sits within the present market cycle.
However others have leaned bearish, together with Crypto with Haris ₿, who opened a $100,000 brief earlier this month, insisting that the rally had relied closely on brief liquidations reasonably than new shopping for and that a lot of the bullish catalysts had been already priced in by the point ZEC handed $1,500.
Curiously, information from CoinGlass reveals Zcash’s bounce previous $1,600 precipitated about $21.62 million in liquidations in 24 hours, with $19.39 million of that hitting brief positions.
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