ZEC surged by 45% during the preceding week, building upon an ongoing upward trend that kicked off when Grayscale shifted its Zcash Trust into an exchange-traded fund which launched trading on August 25.
Zcash (ZEC) climbed to its peak value since 2016, pushing the privacy-oriented digital asset’s total market value past the $20 billion threshold.
ZEC hit a high of $1,249.28 before easing back to approximately $1,195 on Monday, figures from CoinGecko data indicate. The coin advanced roughly 45% over the last week alongside a 138% jump across a 30-day span.
This price surge still places Zcash well under its initial debut peak. CoinGecko records a historical maximum of $3,191.93 on October 28, 2016, at a time when token circulation was extremely limited.
Zcash gives individuals the option to select between transparent or protected transactions. The latter category employs zero-knowledge cryptography to validate transfers while hiding the sender, receiver, and transferred sum.
“For users that prioritize privacy, this could become a ‘must have’ feature,” stated Zach Pandl, Grayscale’s head of research, in an August 31 report said.
Pandl mentioned that artificial intelligence might boost the need for financial confidentiality by simplifying the process of connecting public ledger transactions back to individual identities.
Zcash has experienced continuous upward momentum ever since Grayscale transformed its prior Zcash Trust into an exchange-traded fund. The vehicle, operating under the symbol ZCSH, commenced trading on the NYSE ARCA on August 25, granting traders access to ZEC through standard brokerage portfolios.
The exchange-traded fund finished Friday’s session valued at $83.77 per share, holding $463.2 million in total managed assets, according to data on the fund’s official website. American financial markets remain shut on Monday in observance of the Labor Day bank holiday.
Related: Grayscale says Zcash can challenge Bitcoin’s network effects as privacy demand grows
Originally published at https://cointelegraph.com/markets/zcash-highest-price-market-cap-20-billion?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
