Zcash Tops $1,600 After Europe’s First ZEC ETP Debuts

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 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 high of roughly $1,643. The itemizing offers buyers one other option to achieve publicity to the cryptocurrency with out holding ZEC instantly.

The bodily backed product trades on Euronext Paris and Amsterdam. Investors should buy it by conventional brokerage accounts, avoiding the necessity to handle crypto wallets or take direct custody of the tokens. Its annual administration charge 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 charge as its ZEC counterpart.

The European itemizing follows Grayscale’s launch of its spot Zcash ETF, which trades on NYSE Arca below the ticker ZCSH. Together, the merchandise give buyers within the United States and Europe regulated funding autos 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, value 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 achieve stands at 3,266%. The weekly efficiency comfortably exceeds the broader crypto market’s 14.1% enhance in the identical interval.

Trading exercise has additionally picked up. ZEC recorded round $1.77 billion in 24-hour quantity, a 61.1% enhance 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. One of them, Ali Martinez, wrote that “momentum stays robust” 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 ultimately attain $14,000, arguing that buyers haven’t correctly positioned the place the token sits within the present market cycle.

But 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 slightly than new shopping for and that a lot of the bullish catalysts have been already priced in by the point ZEC handed $1,500.

Interestingly, information from CoinGlass reveals Zcash’s soar previous $1,600 brought about about $21.62 million in liquidations in 24 hours, with $19.39 million of that hitting brief positions.

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