ZEC Soars Past $1,000 on Grayscale ETF Frenzy
Zcash (ZEC) has reached new heights, surpassing $1,000 for the first time in its history. The cryptocurrency's price rallied to a fresh all-time high of around $1,021 on Friday, marking a significant milestone for the token.
The surge in ZEC's price can be attributed to the launch of Grayscale's ZCSH ETF, which has seen steady cash inflows since its inception. The ETF offers direct spot exposure to ZEC and has been well-received by investors, with market capitalization increasing by around 20% to approximately $17 billion.
The rally in ZEC's price extends a broader crypto-wide trend that has pushed the global market cap to its highest level in over seven months. This uptrend has reversed a difficult period for Zcash, which saw its value decline after an Orchard pool vulnerability was exposed.