Zcash Soars to New Heights as Market Cap Surpasses $20 Billion

Zcash has surged to its highest price since 2016, pushing its market capitalization above $20 billion. The token gained 45% over the past week and 138% over the last 30 days, according to CoinGecko data.

The rally comes after Grayscale converted its Zcash Trust into an exchange-traded fund (ETF), which began trading on NYSE ARCA on August 25. The ETF, trading under the ticker ZCSH, has $463.2 million in assets under management and closed at $83.77 a share on Friday.

Zach Pandl, head of research at Grayscale, said that AI could increase demand for financial privacy by making it easier to link public blockchain transactions to users' identities. This feature is particularly appealing to users who prioritize their anonymity.