Zcash soars 38% to $851, hits 8-year high as Grayscale files ETF amendment

Zcash, a privacy-oriented cryptocurrency, surged to a multi-year high over the weekend, breaking past $800 for the first time since January 2018. The sharp rally saw ZEC touch $851 during volatile trading, more than doubling its price low of $589 within 24 hours.

Breakout rally surpasses historic levels

The upward momentum followed a strong 17.5% gain on Friday, lifting Zcash to $668.60 in one of the sector’s top single-day performances. The latest climb pushed Zcash beyond its longstanding record set in January 2018, when the asset last traded above $800. It also exceeded the previous year’s peak of $750.

Zcash’s protocol shares several core features with Bitcoin. The token has a capped supply of 21 million coins, adopts a proof-of-work consensus, and incorporates scheduled halvings. However, Zcash stands out for its built-in privacy protections through shielded transactions, allowing users to conceal the details of their activity on the blockchain.

The coin’s value now positions it at twelfth among global cryptocurrencies, with a market capitalization of $13.87 billion. Zcash currently outpaces all other privacy-focused digital assets by market value.

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ETF prospects and major transactions

Grayscale, a subsidiary of Digital Currency Group (DCG) specializing in digital asset management, has filed its fourth amendment to the Securities and Exchange Commission seeking to convert its Zcash Trust into a spot exchange-traded fund (ETF) to be listed on NYSE Arca under the ticker ZCSH.

Conversion to a spot ETF would shift shares from the OTCQX marketplace to a national exchange, introducing a creation and redemption mechanism designed to minimize discrepancies between share and asset values.

The SEC is still reviewing the proposal. As of June, the Zcash Trust held 388,674 ZEC. DCG International Investments has also started preliminary discussions to contribute approximately 200,000 ZEC, valued near $163 million, in exchange for new shares of the trust. However, these negotiations are not binding, and the token contribution amount may change.

Mini dictionary: Grayscale, a digital asset investment manager, is known for offering cryptocurrency trusts and pursuing conversion of these products into spot ETFs to increase investor access and liquidity.

Zcash’s latest surge pushed its price above $800 for the first time in eight years, placing it at the forefront of privacy-focused cryptocurrencies and sparking renewed attention on its similarities to Bitcoin as well as its unique privacy technology.

Derivatives trading and growing market activity

Trading activity in Zcash futures reached approximately $4.55 billion on Friday, far outstripping the spot market’s $553 million turnover. Open interest in Zcash derivatives climbed to roughly $1.35 billion, reflecting the rise in speculative trading volume as the price advanced.

In the following 24 hours, futures trading sustained momentum with $2.24 billion in volume, equivalent to around 16% of Zcash’s overall market capitalization during the period.

On X, market analyst Rager observed that Zcash set a new all-time high and referenced growing enthusiasm about a possible move to $1000. This surge in activity highlights an increasingly bullish outlook among traders and investors.

Speculative momentum intensified as futures activity soared and ZEC price action repeatedly set new multi-year highs, reinforcing Zcash’s status as a leader among privacy assets.