Zcash Rockets Past $1,000 as Grayscale Forecasts $8,100 Price Target

Zcash's price has surged past $1,000 for the first time in nearly ten years, driven by new ETF buying and forced short seller sales. The cryptocurrency trades at around $1,009, a 28% increase over the past five days and a nearly 100% surge over the past month.

Grayscale researchers note that Zcash's hard 21 million coin supply cap is similar to Bitcoin's fixed supply model. They also point out a hypothetical scenario where ZEC could hit $8,100 if it captures 10% of Bitcoin's market value.

The strong price move has pushed Zcash's total market value near $17 billion, briefly placing it among the top ten cryptos. Buying activity cleared old sell orders near $1,000, opening up a clearer path toward next price targets at $1,100 and $1,300.

Grayscale's Zcash Trust conversion into a spot ETF on NYSE Arca has been a significant driver of the rally, with over $414 million in assets. Investment firm Cypherpunk Technologies holds nearly 2% of the total circulating ZEC supply, while the SEC closed its probe into the Zcash Foundation without taking action.

The increased adoption of AI tools that make tracking public crypto activity easier has also contributed to Zcash's rise. The cryptocurrency's private transfers now account for over half of all network activity, with recent tech updates making these transactions run much faster.