Zcash below $1,000: Grayscale advertises despite outflows

Zcash is trading below the $1,000 mark on Wednesday morning. At around 7:50 a.m. CET, one ZEC cost $980.82 according to CoinGecko, down 14.8 percent in 24 hours. On Kraken the price fell as low as $976.80, its lowest level since September 4. At the same time, asset manager Grayscale is promoting its Zcash fund ZCSH more loudly than ever, with a Wall Street Journal front page and a $1 million grant pledge. The fund's investors are pulling money out regardless.

Zcash price on November 11: $981 after a 14.8 percent drop

The decline began on Tuesday afternoon and continued overnight. CoinGecko puts the high of the past 24 hours at $1,196.04. By the morning, ZEC had given up almost $200 of that. No other coin among the 25 largest cryptocurrencies by market capitalization lost more over those 24 hours; Uniswap came next with a drop of 8.4 percent. Over seven days, Zcash is down 16.3 percent.

Zcash ranks 11th by market capitalization. Trading volume over the past 24 hours was just under $1.28 billion, according to CoinGecko. The broader market fell far less: Bitcoin lost 1.4 percent over the same period and traded at around $73,500, while Ether fell 2.9 percent. The Fear and Greed Index from alternative.me stands at 29, which signals fear. The slide in Zcash therefore goes well beyond the general weakness.