Zcash Market Cap Tops $20 Billion After 45% Weekly Gain
Privacy cryptocurrency Zcash surpassed a $20 billion market cap, marking its highest valuation since 2016 following a surge driven by new ETF liquidity.
Zcash reached a market capitalization exceeding $20 billion on Monday. The price of the ZEC token climbed to approximately $1,249 before settling around $1,195. Over the last week, the asset appreciated nearly 45%. Zach Pandl, head of research at Grayscale, noted that artificial intelligence might heighten the need for financial privacy by increasing risks in linking blockchain identities. This rally correlates with the August 25 listing of Zcash Trust on the NYSE ARCA under the ticker ZCSH. The exchange-traded fund held $463.2 million in assets when it closed Friday at a share price of $83.77. Pandl described the shielded transaction feature as potentially essential for users requiring privacy. Despite this gain, Zcash remains below its all-time high of roughly $3,192 recorded on October 28, 2016.
