ZEC Surges Past $20B Market Cap on ETF Conversion

Zcash has reached its highest price since 2016, exceeding $1.2 billion in market capitalization and pushing the cryptocurrency's overall market value past $20 billion.

The token's surge is largely driven by the conversion of the Grayscale Zcash Trust into an exchange-traded fund (ETF), which began trading on August 25 under the ticker ZCSH on NYSE ARCA. The ETF has reported assets under management of $463.2 million and a share price of $83.77.

ZEC's market capitalization has surpassed $20 billion, with its weekly gain sitting at 37% and a trading volume exceeding $1.6 billion. While the token's price has pulled back slightly from its intraday high of $1,249.28, it remains one of the strongest rallies in the market in recent months.