Zcash jumps 48% to over $800 as Grayscale spot ETF push adds to ‘next bitcoin’ buzz
Zcash prices surged 48% to over $800, driven by anticipation surrounding Grayscale's push to convert its Zcash Trust into a spot ETF. The privacy-focused token reached an eight-year high, though it remains subject to SEC review.
Why it matters
The potential approval of a Zcash ETF represents a significant milestone for privacy-centric cryptocurrencies and institutional adoption in the digital asset market.
The privacy-centric token was built on Bitcoin's design and inherited its 21 million supply cap, proof-of-work mining and halving schedule, with shielded transactions layered on top. CoinDesk Research examined the technical case for it in several reports this year, covering the Tachyon upgrade and the network's approach to quantum readiness .
Saturday’s move took it past the January 2018 peak near $800, which had stood as the token's high water mark for eight years, and past the $750 it reached last November. It traded as low as $589 and as high as $851 in a 24-hour period, a swing of 45%.
Crypto fund DCG sits behind several of the developments surrounding Zcash. Grayscale, which it owns, filed its fourth amendment on Aug. 18 to convert its Zcash Trust into a spot exchange-traded fund on NYSE Arca under the ticker ZCSH.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in