Grayscale Says Zcash Has 3 Features Bitcoin Lacks - and Room to Take Its Share
Grayscale Research says Zcash (ZEC) has a real chance of capturing Bitcoin's (BTC) market share, citing three features that the largest digital currency lacks.
The note landed as the asset manager launched the first spot ZEC exchange-traded product (ETP), and the token hit its highest price since 2018.
Bitcoin Controls 93% of the Currencies Sector
Grayscale sorts crypto assets by use case through its Crypto Sectors framework. Bitcoin accounts for 93% of the Currencies category by market capitalization.
Head of Research Zach Pandl wrote that earlier rivals such as Litecoin (LTC) did not mount a serious challenge. He added that deep network effects have kept rivals small. Many investors never diversify past Bitcoin inside the category, he added.
The gap remains wide today. Bitcoin trades near $78,645, with a market cap of roughly $1.58 trillion.
Zcash sits far behind, with ZEC trading near $790 and a market value of about $13.3 billion. That ranks it 12th overall.
The token is therefore worth less than 1% of Bitcoin. It reached that level after rising roughly 19-fold over the past year.
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