Zcash Surges Past $800 as Grayscale ETF Progress Fuels ‘Next Bitcoin’ Comparisons

Zcash jumped nearly 40% to surpass $820 on Saturday, breaking above its January 2018 peak for the first time in eight years as growing social media chatter draws comparisons to Bitcoin’s early trajectory. The privacy-focused token traded as low as $589 and as high as $851 within a single 24-hour period.

What’s Driving the Rally

Zcash shares core design elements with Bitcoin, including a 21 million supply cap and proof-of-work mining, while adding shielded transaction privacy features. Momentum accelerated after Grayscale filed a fourth amendment on August 18 to convert its Zcash Trust into a spot ETF listed on NYSE Arca under the ticker ZCSH. The filing keeps the process moving but does not confirm SEC approval. It also revealed that DCG International Investments is in early talks to acquire roughly 200,000 ZEC through the trust, worth about $163 million at current prices.

Heavy Futures Activity Adds Volatility

Zcash futures volume hit approximately $4.55 billion on Friday, far outpacing $553 million in spot trading, with open interest nearing $1.35 billion. Heavy leveraged trading can amplify price swings in both directions, something Zcash experienced in June when a vulnerability in its shielded transaction pool triggered a sharp sell-off. The token now ranks 12th by market value at $13.87 billion, the largest among privacy-focused cryptocurrencies.