Zcash climbs 48% to over $800 as Grayscale spot ETF push launches to ‘next bitcoin’ buzz
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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.
Key facts
- Meanwhile, Zcash futures volume reached roughly $4.55 billion on Friday against about $553 million of spot trading, with open interest near $1.35 billion
- 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
- 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 filing also disclosed that DCG International Investments, another subsidiary, is in non-binding talks to acquire roughly 200,000 ZEC through the trust, worth about $163 million at Saturday's price
Summary
Zcash surged nearly 38% to more than $814 on Saturday, surpassing its January 2018 peak amid growing social media comparisons to Bitcoin. Futures trading dwarfed spot activity, signaling leveraged buying that could amplify both gains and any reversal after prices swung 45% within 24 hours. Zcash reached a market value of $13.87 billion as Grayscale pursued a spot exchange-traded fund and another DCG subsidiary discussed acquiring about 200,000 ZEC. 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.