Zcash surges above $800 as ETF push fuels rally

• Zcash (CRYPTO:ZEC) surged above $800 for the first time since 2018.
• The token rose nearly 38% in one day, reaching $851 before pulling back.
• Grayscale’s push for a spot Zcash ETF added to buying interest.

Zcash (CRYPTO:ZEC) surged nearly 38% to above $814 on 22 August, surpassing its January 2018 peak.

The token traded between $589 and $851 within 24 hours, showing a 45% price swing during the period.

The rally came as Grayscale progressed with plans to convert its Zcash Trust into a spot exchange-traded fund.

Grayscale filed an amended application with the US Securities and Exchange Commission on 18 August for the proposed ZCSH ETF.

The filing does not mean the ETF has been approved, as the application remains subject to SEC review.

Zcash futures trading reached about $4.55 billion on Friday, compared with roughly $553 million in spot volume.

Zcash reached a market value of about $13.87 billion, ranking 12th among cryptocurrencies by market capitalisation.

At the time of reporting, Zcash price was $842.46.