Who would have thought that $ZEC , which many people had still considered an “old coin” in the previous round, would suddenly charge back to the center of the table this round.
On September 6, ZEC surged to as high as $1,255, briefly overtaking DOGE in market cap. The current price is still around $1,180. It ranks 10th on CoinMarketCap and 9th on CoinGecko, with a market cap close to $20 billion.
This rally is not just about the privacy-coin narrative making a sudden comeback. After Grayscale’s ZCSH spot ETF was listed on August 25, its holdings had increased from about 387,800 coins to 428,600 coins by September 3, and its assets under management reached about $415 million, which did indeed bring in new buying.
On another front, Cypherpunk Technologies, backed by Winklevoss Capital, launched the world’s largest ZEC mining cluster, with about 4.2 GSol/s of hash power, accounting for roughly 18% of the entire network. Institutions have moved beyond simply holding coins and are now controlling upstream hash power.
But chasing the rally now still requires calm judgment. ZEC has risen too fast in a short period, derivatives leverage has clearly piled up, and short liquidations over the past 24 hours exceeded $51 million. The short squeeze was also an important force behind the breakout above $1,200.
So my view is straightforward: ZEC is indeed regaining capital allocation, but the current price has already front-run a lot of expectations. It can still be watched for the long term, but in the short term, don’t get lured into blindly buying just because it “made it into the top 10.” In this kind of volatility, getting the timing wrong once can be very painful.
On September 6, ZEC surged to as high as $1,255, briefly overtaking DOGE in market cap. The current price is still around $1,180. It ranks 10th on CoinMarketCap and 9th on CoinGecko, with a market cap close to $20 billion.
This rally is not just about the privacy-coin narrative making a sudden comeback. After Grayscale’s ZCSH spot ETF was listed on August 25, its holdings had increased from about 387,800 coins to 428,600 coins by September 3, and its assets under management reached about $415 million, which did indeed bring in new buying.
On another front, Cypherpunk Technologies, backed by Winklevoss Capital, launched the world’s largest ZEC mining cluster, with about 4.2 GSol/s of hash power, accounting for roughly 18% of the entire network. Institutions have moved beyond simply holding coins and are now controlling upstream hash power.
But chasing the rally now still requires calm judgment. ZEC has risen too fast in a short period, derivatives leverage has clearly piled up, and short liquidations over the past 24 hours exceeded $51 million. The short squeeze was also an important force behind the breakout above $1,200.
So my view is straightforward: ZEC is indeed regaining capital allocation, but the current price has already front-run a lot of expectations. It can still be watched for the long term, but in the short term, don’t get lured into blindly buying just because it “made it into the top 10.” In this kind of volatility, getting the timing wrong once can be very painful.