Zcash Blasts Past $1,600 as Europe's First ZEC ETP Takes Off
Zcash (ZEC) has broken above $1,600 for the first time since 2016 after the launch of Europe's first ZEC exchange-traded product (ETP) by 21Shares on Euronext Paris and Amsterdam. The rally coincides with increased access to traditional investment markets and short liquidations.
The physically backed product carries a 2.5% annual management fee, allowing investors to gain exposure to the cryptocurrency without holding ZEC directly. It joins Grayscale's spot Zcash ETF, which trades on NYSE Arca under the ticker ZCSH, giving investors in the United States and Europe regulated investment vehicles tied to ZEC.
Trading activity has picked up, with ZEC recording around $1.77 billion in 24-hour volume, a 61.1% increase from the previous day. The weekly performance comfortably exceeds the broader crypto market's 14.1% increase in the same period.