Zcash (ZEC) crossed the $1,000 psychological level on September 4, 2024, trading above $1,010 with a daily gain of about 6 percent. The cryptocurrency had experienced a significant sell-off in June following the revelation of a counterfeiting vulnerability by its developers. Several factors drove the recovery, including Grayscale’s efforts to convert its Zcash trust into a spot ETF and strong futures activity with open interest reaching $1.76 billion and 24-hour volume of approximately $9.54 billion. Over $34 million in short positions were liquidated as ZEC broke the $1,000 level. Zcash’s shielded supply has grown to approximately 4.86 million ZEC and the ongoing NU7 governance process is engaging coinholders until September 14, but the daily RSI approaching 80 indicates overbought conditions.
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