ZCash cools after rallying to 8-year price record on ETF hype

Zcash has made a retreat from an eight-year high on Monday, as it has shed part of the rally that saw the privacy coin go up by over 55% in days after Grayscale moved to convert its Zcash Trust into a US spot exchange-traded fund. 

Zcash (ZEC) rose to over $880 on August 23 before easing. The figures it hit in the past few days are the strongest level it has attained since 2018.

Before it started dropping, the gains it had made over the week were around 66%. However, it is currently trading around $814. The token has a market cap of over $13.7 billion and sits at number 11 on Coinmarketcap’s list of tokens ranked by market value.

While the recent rally is still a far cry from the all-time high of $5,941.80 that the token hit in October 2016, trading is not as thin as it was then. 

Roughly a year ago, ZEC was trading around $40, and it has come a long way since then, having risen by over 1,805%.

Why a privacy-coin ETF would break new ground

The move that lit the fuse was Grayscale’s amended registration statement with the Securities and Exchange Commission (SEC). 

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