Zcash has gained more than 2,600% over the past year, briefly pushing its market capitalization above $25 billion and placing it among the 10 largest digital assets. The rally was driven by a broader crypto-market recovery, the debut of a European ZEC ETP (exchange-traded product), the launch of a spot Zcash ETF and other factors. A sharp correction across the crypto sector over the last 24 hours has since pulled Zcash lower, prompting some analysts to warn that its bull run could turn into a violent crash.