Zcash is emerging as one of the stars of the sudden broad-based rally in crypto assets that went into high gear last week. The privacy-focused cryptocurrency has surged 66% over the past week, hitting an eight-year high of $841 on Monday.
Its surge came after investment manager Grayscale filed an amendment with the Securities and Exchange Commission on Friday to convert its existing Zcash Trust into an exchange-traded fund. If approved, the fund would trade on the New York Stock Exchange under the ticker ZCSH.
Zcash’s strong performance comes amid a broader rally across the crypto market. Cryptocurrencies have risen sharply since Wednesday, posting gains not seen in nearly a year. The Treasury Department’s bond-buyback announcement helped spark the move, while renewed political support for the industry and a wave of short-position liquidations pushed prices even higher. Bitcoin, the largest cryptocurrency by market value, continued to climb and was trading just below $80,000 on Monday.
For Zcash, Grayscale’s proposed ETF came as an additional catalyst. If approved, the fund would give investors a regulated way to gain exposure to ZEC, Zcash’s native token, through their brokerage accounts, without having to buy or hold the token directly.
