Zcash Price Soars Past $1,600 Amid Europe's First Physically Backed ETP Listing

Zcash's price surged past $1,600 for the first time since 2016 after 21shares listed Europe's first ZEC exchange-traded product on Euronext Paris and Amsterdam. The listing marked a significant milestone for the asset, which has been gaining traction in recent months.

The Zcash ETP carries a 2.5% annual fee, significantly higher than most European bitcoin products. This indicates that investors are willing to pay a premium for the asset's unique features, including its focus on privacy and security.

Grayscale's ZCSH fund has been instrumental in driving demand for Zcash, with a recent 3-for-1 split making it more accessible to U.S. buyers. The fund has absorbed significant inflows, lifting net assets near $917 million.

The record number of shielded coins, now exceeding 30% of all ZEC in existence, suggests that investors are not solely driven by speculation. This shift towards privacy-focused investing is a key trend in the crypto market.