Zcash Hits Highest Price in Nearly a Decade, Crushing Short Bets
Zcash surged above $1,000 for the first time, hitting an intraday high of $1,029 and setting a new all-time high after rising from about $500 a month earlier. Its market cap approached $17 billion, briefly pushing it past Dogecoin into the top 10 cryptocurrencies. The breakout triggered a short squeeze, with about $34.5 million in short positions liquidated and total ZEC liquidations near $36.6 million. Zcash, launched in 2016, is a privacy coin that uses zero-knowledge cryptography to hide transaction details while keeping them valid. The token is up about 94% in 30 days and more than 2,300% over the past year. Momentum remains strong, though technical indicators suggest it is overbought: RSI is 78.6 and ADX is 48. If the rally cools, support is seen near $892.94 and $808.63.
