Zcash ($ZEC) climbed to ninth place among all cryptocurrencies by market capitalisation on September 16, 2026, after posting a 13% gain in a single trading session. The coin was trading near
Zcash ($ZEC) climbed to ninth place among all cryptocurrencies by market capitalisation on September 16, 2026, after posting a 13% gain in a single trading session. The coin was trading near $1,267, pushing its market cap toward the $21 billion range, overtaking Hyperliquid, which sat at roughly $19.81 billion. Bitcoin ($BTC) slipped around 0.9% over the same period, underscoring how sharply Zcash has diverged from the broader market.
The move is the latest leg of an extended run that began gathering pace in late August. Zcash has gained more than 2,300% over the past year, making it one of the strongest-performing major cryptocurrencies over that stretch. On a one-month basis, the coin has added roughly 147%, though it remains about 1.3% lower on the week after touching comparable highs earlier in September. Zcash reached its highest price on September 9, 2026, touching $1,297.77.
A key driver behind the rally has been institutional access. Grayscale's spot Zcash ETF, trading under the ticker ZCSH, listed on August 25, 2026, giving brokerage investors regulated exposure to ZEC without the need for self-custody.The product attracted $179 million in just 11 trading days, with total assets under management reaching nearly $700 million.ZEC has been driven by sustained ETF net inflows and large institutional buy orders, with a solid spot market structure underpinning the move.
Short sellers have also added fuel to the fire. An earlier leg of the rally liquidated about $36.6 million in leveraged positions, of which $34.5 million were bearish bets, potentially adding momentum as traders bought tokens to close their shorts.
The rally is being driven by the first U.S. spot Zcash ETF, a renewed privacy narrative, and a Bitcoin-like supply design that many investors now treat as insurance against Bitcoin's transparent ledger.Like Bitcoin, Zcash uses proof-of-work mining, halvings, and has a capped supply of 21 million coins.The November 2024 halving reduced block rewards from 3.125 ZEC to 1.5625 ZEC, cutting new issuance roughly in half.
On the regulatory front, a key overhang was lifted earlier this year. On January 15, 2026, the SEC officially closed its investigation into the Zcash Foundation without recommending any enforcement action, triggering a brief rally and resolving a regulatory concern that had long weighed on institutional participation.
Despite the strong run, analysts caution that the pace of gains carries risks. A sharp jump in 24-hour volume alongside rising open interest suggests fresh capital entering the market, but analysts note that part of the rally's velocity came from short squeezes, which can amplify moves in both directions.
Sources:CoinDesk: Zcash jumps 20% to $1,000 as short sellers lose $34 millionCoinGecko: Zcash (ZEC) live price and market dataKuCoin: Why ZEC just hit a new multi-year high
