Zcash Surges 20% Amid Grayscale ETF Launch

Zcash's price surged by about 20% in 24 hours, briefly touching $1,046 and entering the top 10 cryptocurrencies by market capitalization with a valuation of around $16.96 billion.

The rally was attributed to the launch of Grayscale's Zcash ETF, which offers direct exposure to ZEC and charges a 2.5% fee.

A portion of the revenue from this fee will return to the Zcash ecosystem, supporting its development and network.

Analysts point out that the price pullback from $1,046 is likely due to profit-taking, with the next support level at around $980, followed by the $933-$940 area.