Zcash Rockets 51% as Grayscale ETF Fuels Breakout
Zcash has seen a remarkable surge in price over the past week, climbing by more than 51% to trade near $1,244 on September 10. The catalyst behind this rally appears to be Grayscale's Zcash ETF, which has attracted significant attention and investment.
According to CoinGecko, Zcash has gained 51.3% over the past seven days, 60.3% in 14 days, and a whopping 153% over the past month. The price of ZEC climbed from around $814 on September 3 to above $1,200 within just three days.
Grayscale's Zcash ETF has played a significant role in this surge, with its assets under management reaching $532.9 million as of September 8. The fund holds 464,514.8551 ZEC, and options on the fund began trading on NYSE Arca on September 8.
Cypherpunk Technologies also holds a substantial amount of Zcash, with 323,394.38 ZEC in its possession as of August 18. This represents roughly 1.92% of circulating supply.