Zcash Price Surges 50% as Grayscale ETF Demand Hits $500M
Zcash has experienced an explosive price surge, reaching $1,220. This growth is largely attributed to increasing institutional interest in ZEC, particularly through Grayscale's ETF accumulation, which has surpassed $500 million in Assets Under Management (AUM).
The ZEC price has broken above a major long-term resistance zone and is now testing levels that could determine whether the rally extends to $1500 or higher.
This significant technical breakout is backed by huge demand for Grayscale's ZEC ETF, with over 464,000 ZEC held in the fund after reaching an AUM of around $533 million. This highlights increased institutional access to the token and adds fuel to the rally.
The price has climbed more than 50% in recent days and is now trading above its major moving averages. The Cumulative Volume Delta (CVD) turned positive, indicating aggressive buying supports the rally.