Crypto
Zcash ETF Push Sends Token Soaring Above $800
Zcash has surged above $800 for the first time since 2018, as its price rose nearly 38% in one day to reach $851. The rally was fueled by Grayscale's push for a spot Zcash ETF, with the company filing an amended application with the US Securities and Exchange Commission on August 18.
The proposed ZCSH ETF has added to buying interest in Zcash, causing its price to swing 45% within 24 hours. The token traded between $589 and $851 during this period, showing significant volatility.
Zcash futures trading reached about $4.55 billion on Friday, compared with roughly $553 million in spot volume. This surge in interest has pushed Zcash's market value to around $13.87 billion, ranking it 12th among cryptocurrencies by market capitalisation.