Zcash Surges 20% to Break $1,000 and Crack the Top 10

Zcash is putting on an impressive show for traders. The privacy focused token jumped roughly 20% over the past 24 hours, briefly crossing $1,023. That sudden price pop lifted the total market capitalization of ZEC to around $16.96 billion, securing its spot as the tenth largest cryptocurrency on the charts.

The single day breakout continues a dramatic long term run for the asset. Zcash has rallied about 94% over the past 30 days and is now up more than 2,300% over the past year. Momentum in the derivatives market is also heating up alongside spot trading, with futures open interest currently sitting near 2.3 million.

Traders are now watching closely to see if ZEC can establish a firm base above the $1,000 mark. Cracking the top ten brings plenty of attention and liquidity, but buyers will need to stay active to hold these gains and defend against quick pullbacks.