In brief
- Zcash has surged over 140% in two weeks, hitting its highest level since 2021.
- Nearly $2 million in short positions were liquidated as the token climbed to $170.
- Analysts cite Grayscale access and endorsements from Naval Ravikant as key drivers.
The token belonging to privacy blockchain Zcash has more than tripled in value in under two weeks, reaching its highest price in over three years amid a broader crypto rally that has favored some assets more than others.
Zcash is posting double-digit gains, edging out 26% over the past 24 hours to $170, according to CoinGecko data, after rallying more than 140% in little under 14 days. Nearly $2 million in short positions have been liquidated as a result, CoinGlass data shows.
The rally stems from a combination of new institutional access and influential social media endorsements, experts told Decrypt.
“The recent price rise can be heavily attributed to Grayscale recently allowing eligible investors to gain exposure via their funds, along with prominent voices like investor Naval Ravikant voicing support,” Sean Dawson, head of research at on-chain options platform Dervie, told
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Author: Akash Girimath
