Zcash Tops $1,000 as Institutional Backing Fuels Rapid Price Growth

Zcash has reached a new milestone as its price topped $1,000 for the first time since its launch in late 2016. Arthur Hayes, a well-known cryptocurrency advocate, posted a chart showing ZEC's impressive rise from around $250 in early June to over $1,000 by Thursday night.

The chart shows that Zcash spent most of July between $400 and $580 before going vertical after August 21. By Thursday, it had printed four digits for the first time since its launch spike. The price has since cooled slightly, trading at around $1,010, but still represents a staggering gain of over 98% in just 30 days.

Hayes and others have been singing the praises of Zcash, which has also benefited from the launch of Grayscale's ZCSH ETF. The fund began trading on NYSE Arca on August 25 with a 2.5% fee that will be routed back into the Zcash ecosystem.

Matt Hougan, chief investment officer at Bitwise, believes that Zcash is one of three crypto stories worth owning right now, along with Bitcoin for currency debasement and a decade-long tokenization super cycle running through ETH, SOL, and UNI. Qiao Wang, founding partner of Alliance DAO, also holds Zcash in his personal portfolio, which is comprised mainly of equities.