Zcash's market structure has also changed significantly in recent months.
Grayscale's Zcash ETF, trading under the ticker ZCSH, crossed $500 million in assets earlier in September and held more than 550,000 ZEC at the time, according to reporting on the fund's holdings.
Europe has also gained its first physically backed Zcash ETP through 21Shares, giving investors on Euronext Paris and Amsterdam another regulated route to gain exposure to ZEC.
That product launch came alongside ZEC's move above $1,600, although the rally had already started before the European listing. This makes the ETP an additional source of access and visibility rather than a complete explanation for the price move.