Zcash's native ZEC token jumped above $1,000 for the first time, excluding a highly volatile couple of days after getting listed on exchanges in late 2016, as inflows into Grayscale's recently launched exchange-traded fund ramped up and new computing power poured into the network.
ZEC traded as high as $1,023 on Friday, extending its monthly gains to around 94% and pushing its market cap toward $17 billion. The privacy-focused crypto was trading around $200 in March.
The rally follows Grayscale's Aug. 25 launch of the Zcash ETF, which trades on NYSE Arca under the ticker (ZCSH). The fund, which was converted from the company's Zcash Trust, is the first U.S. ETF to offer direct exposure to ZEC (ZEC).
ZCSH has recorded approximately $34.4 million in net inflows since its debut, according to Grayscale data. That figure is likely a bit lower than the true total, as it appears that data for Sept. 3 and 4 is incomplete. The fund's strongest day so far came on Sept. 2, when it attracted $12.6 million.
Grayscale ZCSH ETF net flows. Source: The Block/Grayscale
