Zcash Surges Past Hyperliquid in August Amid ETF Launch and Bug Recovery

Zcash (ZEC) and Hyperliquid (HYPE) outperformed most major crypto assets in August, but their rallies were driven by different factors.

ZEC gained roughly 70% over the month to reach an eight-year high of $888, while HYPE rose about 50% to set an all-time high of $86.71 on Thursday.

The Zcash rally came as Grayscale's ZCSH, the first US spot Zcash ETF, started trading on Tuesday, following a bounce back from June when ZEC fell 57% in a single day due to a soundness bug.

According to Grayscale, ZEC is still undervalued and could gain more market share despite its rally, citing its potential as a rival to Bitcoin (BTC) due to its privacy features, cybersecurity development, and cross-chain capabilities.