Zcash Soars Over 200%, Next Upgrade Expected to Boost Gains

Zcash has seen a significant surge in value over the past month, rising by more than 200%. The privacy-focused cryptocurrency is now up over 2,870% from this time last year.

The rally is attributed to the launch of Grayscale's spot Zcash exchange-traded fund (ETF), which recorded three straight weeks of net inflows and has a current net asset value of $890 million. This increased accessibility to Zcash has led to a significant shift in demand, driving up its price.

The Ironwood upgrade, applied to the mainnet in late July, has also contributed to Zcash's fundamentals. The upcoming NU7 upgrade is expected to further improve the network's privacy functions and transaction structure.

Some market participants believe that Zcash still has room for growth, with potential to follow a similar path to Bitcoin's 2017 cycle, which saw a nearly 13-fold increase in value.