Zcash surged past $800 for the first time since 2018 on Saturday, as “next bitcoin” chatter, billions in futures volume and Grayscale’s spot ETF push fueled a 38% rally.
The privacy-centric token was built on Bitcoin’s design and inherited its 21 million supply cap, proof-of-work mining and halving schedule, with shielded transactions layered on top. CoinDesk Research examined the technical case for it in several reports this year, covering the Tachyon upgrade and the network’s approach to quantum readiness.
Saturday’s move took it past the January 2018 peak near $800, which had stood as the token’s high water mark for eight years, and past the $750 it reached last November. It traded as low as $589 and as high as $851 in a 24-hour period, a swing of 45%.
Crypto fund DCG sits behind several of the developments surrounding Zcash. Grayscale, which it owns, filed its fourth amendment on Aug. 18 to convert its Zcash Trust into a spot exchange-traded fund on NYSE Arca under the ticker ZCSH.
The amendment keeps the conversion process moving but does not mean the ETF has been approved, with the filing still subject to SEC review.
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