Zcash Surges 20% in 24 Hours After Grayscale ETF Launch

Zcash (ZEC) has surged about 20% in 24 hours and briefly touched $1,046.30, causing the token to enter the top 10 cryptocurrencies by market capitalization.

The price increase comes as Grayscale launched the first ETF offering direct exposure to Zcash, known for its privacy features, under the ticker ZCSH on NYSE Arca.

Grayscale's Head of Index Steve Vanourny linked demand for financial privacy with expanding artificial intelligence monitoring and expects this trend to continue.

Rain noted that short liquidations contributed significantly to the price increase, with approximately $34.5 million in leveraged ZEC positions being closed during the latest 24-hour period.