Zcash’s ZEC token rose roughly 19% over the latest 24-hour period to about $1,220, extending a monthly rally that previously took it above $1,000 for the first time outside the volatile days after its late-2016 exchange listings. The move triggered about $54.3 million in leveraged ZEC liquidations, including $48.91 million in short positions, or roughly 90% of the total. ZEC’s market capitalization exceeded $20 billion, placing it ninth among cryptocurrencies by market value, according to CoinGecko. The rally followed Grayscale’s Aug. 25 launch of its Zcash ETF, ZCSH, which trades on NYSE Arca and had attracted at least $34.4 million in net inflows by Sept. 4. Growing demand also coincided with higher mining capacity and record derivatives activity, increasing pressure on both miners and leveraged bearish traders.