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Zcash climbed 6% and has gained 130% in 30 days, trading near its 2016 all-time highs. Bitcoin fell below $76,000 to a three-and-a-half-week low ahead of the Fed’s rate decision.
Bitcoin dropped below $77,000 and is down more than 5% this week, while 95 of the CoinDesk 100 declined in 24 hours. Zcash led losses as traders bet on a Federal Reserve rate hike.
Bitcoin dropped below $79,000 on Tuesday as major cryptocurrencies declined. Zcash led losses, while most major tokens, including Bitcoin, NEAR Protocol and Nexus Labs, retained weekly gains. Traders continued to price roughly 60% odds of a Fed hike next week.
Zcash gained 45% in one week, reaching its highest price since 2016 and pushing its market capitalization above $20 billion. The rally has continued since Grayscale’s Zcash Trust ETF began trading on Aug. 25.
Zcash (ZEC) reached an intraday high of $1,050.70 on Sept. 4, gaining roughly 20% in 24 hours. Grayscale’s ZCSH spot ETF surpassed $400 million in assets, reaching $414.7 million less than two weeks after launch.
Zcash climbed to its highest level in nearly a decade as a Fed-driven crypto rally pressured short sellers. The rally later reversed after stronger-than-expected jobs data sent Bitcoin back below $80,000.
Zcash briefly moved above $1,020 in a 20% rally to the $1,000 level. CoinDesk said the surge forced leveraged short positions out of the market, resulting in about $34 million in losses for short sellers.
Bitcoin rose above $81,000 as traders cut September Federal Reserve rate-hike bets to roughly a coin flip. Major tokens gained on Friday, while Zcash led with a 15% jump despite limited weekly changes.
Bitcoin rose back above $77,500 as XRP led major tokens. All major cryptocurrencies gained over 24 hours, while only zcash and hyperliquid remained higher on the week. Fed hike odds fell to 62%.
Zcash has climbed roughly 19-fold in a year, while Grayscale says its market cap remains below 1% of Bitcoin’s. The firm sees potential for ZEC to challenge Bitcoin’s network effects as privacy demand grows.
