Zcash Soars to Eight-Year High on Grayscale ETF Push

Zcash has reached an eight-year high near $850 after gaining over 22% in 24 hours, driven by Grayscale's efforts to convert its Zcash trust into an exchange-traded fund (ETF).

The price surge is part of a week-long rally that saw ZEC jump more than 30%, according to The Block's price data. This comes after Grayscale submitted its fifth amended registration statement on Friday, which included the conversion plan and a 2.5% annual sponsor fee.

The proposed ETF would make it easier for investors to buy and sell ZEC, potentially attracting new capital to the cryptocurrency market. Derivatives markets were particularly active during this week's price surge, with ZEC futures volume reaching over $9.5 billion, according to Coinglass data.