ZCash Soars to New Heights Amid Grayscale ETF Launch and Ironwood Upgrade
ZCash's price has skyrocketed in recent weeks, rising by 45% in one week and 140% in one month to reach $1,249, its highest level since 2016.
The surge can be attributed to several factors, including the launch of Grayscale's Zcash Trust as a spot ETF on NYSE Arca, which has attracted nearly $463 million in assets within two weeks.
The Ironwood upgrade implemented in July also played a significant role, closing the legacy pool and facilitating total supply auditing. This technical resolution drove the strong recovery from a 50% price drop in May caused by a bug in the shielded pool.
However, not everyone is convinced of ZCash's merits. Chun Wang, founder of F2Pool, dismissed the rally as a 'bet narrative' and questioned the network's reward model and non-default privacy features.