Zcash surges past $1,000 amid ETF demand and short squeeze

Zcash (ZEC) has experienced a massive rally, recently crossing the $1,000 threshold for the first time in nearly a decade. The surge has seen the token gain over 120% in the last 30 days, driven by a combination of factors including increased interest in privacy-focused cryptocurrencies, a short squeeze that liquidated millions in bearish positions, and inflows into Grayscale’s spot Zcash ETF.

While the price action has propelled Zcash into the top 10 cryptocurrencies by market capitalization, some industry figures have expressed skepticism. F2Pool co-founder Chun Wang characterized the rally as “narrative-driven,” arguing that the market cap does not necessarily reflect fundamental usage or real-world utility compared to networks like Solana. Wang also cited historical concerns regarding token distribution and governance.

Despite these criticisms, technical indicators remain a point of debate. Some analysts see continued bullish momentum with targets toward $1,500, while others warn of extreme overextension and the potential for a correction toward the $850–$1,000 range.