Zcash (ZEC) surged 20% during the London trading session today. The token has risen 268% over the past month. However, it remains far below its all-time high of $5,941 from October 2016, nine years ago.
At the time of writing, ZEC trades at $182. Trading volume jumped 95%, reaching $811 million. ZEC’s market capitalization increased 20%, now valued at $2.96 billion, according to CoinMarketCap.
Zcash Price Surge Linked to Grayscale Fund Launch
The recent price jump follows Grayscale’s launch of a new Zcash fund. This fund allows investors to access ZEC without buying the token directly. It works like a stock investment account.
Experts see this fund as a potential step toward a Zcash ETF. Such an ETF would simplify trading for large investors.
Venture capitalist Naval Ravikant tweeted, “ZCash is insurance against Bitcoin.” He highlighted Zcash’s privacy and security features, which Bitcoin lacks.
Market Reaction and Short Squeeze
Data from Coinglass shows over $2.9 million in short positions on ZEC were liquidated. This triggered a short squeeze, pushing the price higher.
The combination of the new fund and short squeeze contributed to today’s strong price movement.
For more details, visit CoinMarketCap and Grayscale Zcash Fund.
