Zcash Surges 48% Past $800 as Grayscale ETF Push Fuels Bitcoin-Like Hype

Zcash climbed above $800, surpassing its January 2018 record, as futures trading surged into the billions and a new Grayscale filing signaled further progress toward a spot ETF.
Zcash broke above $800 for the first time since 2018 on Saturday, with speculation that it could become the “next bitcoin,” heavy futures activity and Grayscale’s ETF plans helping drive the rally.
The privacy-focused cryptocurrency shares several features with Bitcoin, including a 21 million token supply limit, proof-of-work mining and scheduled halvings, while adding shielded transactions for greater privacy.
CoinDesk Research has analyzed Zcash’s technical development this year, including its Tachyon upgrade and efforts to prepare the network for potential quantum-computing threats.
Saturday’s rally pushed Zcash beyond its January 2018 high near $800, which had remained its record for eight years, as well as the roughly $750 level reached last November.
ZEC fluctuated between about $589 and $851 over a 24-hour period, representing a price swing of roughly 45%.
Digital Currency Group (DCG) has been involved in several recent developments surrounding Zcash, including Grayscale’s latest ETF filing.
Grayscale, owned by DCG, submitted its fourth amendment on Aug. 18 seeking to convert its Zcash Trust into a spot ETF that would trade on NYSE Arca under the ZCSH ticker.
The latest amendment moves the conversion process forward, but does not indicate that the ETF has received approval, as the proposal remains under SEC review.
The filing also revealed that DCG International Investments is holding non-binding discussions to purchase approximately 200,000 ZEC through the trust, valued at around $163 million based on Saturday’s price.
Zcash futures trading reached approximately $4.55 billion on Friday, significantly exceeding spot volume of about $553 million, while open interest stood near $1.35 billion.
Trading over the following 24 hours totaled roughly $2.24 billion, equivalent to around 16% of Zcash’s overall market capitalization, according to CoinDesk Data.
Heavy leverage can amplify gains during a rally but can also make declines much more severe, something Zcash has demonstrated earlier this year.
The token suffered a steep sell-off in June after researchers identified a vulnerability in its Orchard shielded pool, which is responsible for processing private transactions.
Zcash now ranks 12th among cryptocurrencies by market value, with a capitalization of about $13.87 billion, putting it ahead of all other privacy-focused digital assets.