Zcash Surges to 8-Year High as Grayscale ETF Proposal Boosts Price

Grayscale's proposed spot ETF has given Zcash (ZEC) a boost. The privacy-focused cryptocurrency surged to an eight-year high over the weekend, briefly touching $888. This price surge comes after heavy derivatives activity and optimism around Grayscale's proposal.

Gemini co-founder Tyler Winklevoss weighed in on ZEC, saying there are more millionaires in the world than whole units of Zcash. He also described Zcash as a 'disinflationary cryptocurrency', not deflationary, due to its growing circulating supply and hard cap of 21 million ZEC.

Winklevoss's brother Cameron made a similar argument, linking Zcash to AI in an age of superintelligence, saying private money is essential. Grayscale's fifth amended filing last week to convert its Zcash Trust into a spot ETF has added fuel to the rally.

ZEC's price rebounded from a 57% single-day crash in June, when it fell from $624 to $264.80 after developers revealed a soundness bug in the network's Orchard shielded pool. The bug was fixed in an emergency NU6.2 upgrade, turned on June 3rd.