Zcash surged past $1,500, gaining more than 18% in a single day and pushing its market capitalization above $23 billion. A near-unanimous governance vote, fresh Grayscale inflows and a Federal Reserve rate hike all landed within the same week.
Zcash blew past $1,500 on September 17, logging gains north of 18% in a single day, 28% over the past week and 193% over the past month. The token's market capitalization has surpassed $23 billion, vaulting it into the top 10 cryptocurrencies by market size.
A near-unanimous governance vote
The most significant driver appears to be the results of Zcash's Network Upgrade 7 governance vote, which concluded on September 16. Roughly 2.4 million ZEC participated in the ballot, representing about two-thirds of the eligible supply.
Approximately 99.9% of participating tokens voted in favor of reduced block times, while 98.9% supported retaining Bitcoin-style halvings as Zcash's emission schedule going forward. Faster block times mean quicker transaction confirmations, while keeping halvings preserves the deflationary supply mechanics Bitcoin holders know.
Grayscale and Paradigm add institutional weight
Institutional money has been flowing into Zcash through a familiar channel. Grayscale's ZCSH exchange-traded product, which listed on August 25, managed approximately $727 million in assets by mid-September.
The Grayscale flows weren't the only institutional signal. Matt Huang, co-founder of crypto venture firm Paradigm, publicly disclosed the firm's ZEC holdings around September 16 and voiced support for developer funding within the Zcash ecosystem.
A Fed rate hike adds fuel
The Federal Reserve executed its first interest rate hike since 2023, a decision that triggered a wave of short liquidations in crypto derivatives markets. Traders who had positioned for downside got squeezed, and the forced buying amplified upward pressure on tokens like ZEC that were already riding momentum from fundamental catalysts.
ZEC traded between $1,300 and $1,400 on September 17 before pushing through to exceed $1,500. Reported 24-hour gains ranged from 13% to 23% depending on the measurement window, while monthly returns stretched between 160% and 193%.
Source: Crypto Briefing
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