Zcash hits highest price since 2016 as market cap tops $20B
ZEC gained 45% over the past week, extending its rally since Grayscale converted its Zcash Trust into an ETF that began trading Aug. 25.
Zcash cryptocurrency (ZEC) has surged to its highest price since 2016, driving its market capitalization above $20 billion. The privacy-focused token climbed to $1,249.28 before settling at around $1,195 on Monday, according to CoinGecko data. Over the past week, ZEC gained approximately 45% and surged 138% over 30 days. This impressive rally marks Zcash below its launch-era record high of $3,191.93 reached on October 28, 2016, when supply was limited.
Zcash enables users to opt for either public or "shielded" transactions, the latter utilizing zero-knowledge proofs to verify payments without disclosing sender, recipient, or transaction amounts. Zach Pandl, head of research at Grayscale, highlighted that AI could boost demand for financial privacy by simplifying the correlation between public blockchain transactions and user identities.
Following Grayscale's conversion of its Zcash Trust into an exchange-traded fund (ETF) on August 25, Zcash has experienced a remarkable climb. The ETF, traded under the ticker ZCSH, debuted on the NYSE ARCA and started trading on August 25, providing investors with access to ZEC through brokerage accounts. The ETF closed at $83.77 per share on Friday, boasting $463.2 million in assets under management.
US markets are closed on Monday for Labor Day. Related: Grayscale believes Zcash could challenge Bitcoin's network effects as privacy demand increases.
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