Zcash Price Surges 72% Before Correcting After Grayscale ETF Launch

Zcash has seen an unusual price surge in the past week, followed by a sharp correction. The cryptocurrency reached $878 on August 23, up 72% from its value just five days prior at $509.

The buzz around Zcash exploded on social media, with Santiment counting 232 mentions of the cryptocurrency on August 22, nearly six times the average seen since the beginning of the month. However, this attention died down quickly after the launch of Grayscale's ETF on August 25.

Grayscale's ETF, listed under the ticker ZCSH, allows American investors to gain exposure to ZEC directly from their brokerage account without needing to buy tokens or manage private keys. The product comes with a 2.5% annual fee.