The token's market capitalization reached nearly $17 billion, allowing Zcash to surpass Dogecoin in the ranking of the top ten largest cryptocurrencies. This growth follows a significant rally where the asset rose from approximately $500 a month ago to an intraday peak of $1,029 on Binance.
The price surge triggered the forced closure of $34.5 million in short positions, with total ZEC liquidations reaching roughly $36.6 million. The asset's performance is highlighted by a 94% gain over the last 30 days and an increase of more than 2,300% over the past year.
Market accessibility increased on August 25 with the launch of the Grayscale Zcash ETF (ZCSH) on the NYSE Arca, enabling brokerage investors to gain exposure to the asset without using a digital wallet.
