Zcash (ZEC) saw a massive push today, delivering 20% gain during the London session trading close. The token has surged by 268% over the past month, but still down significantly from its all-time high of $5,941, marked 9 years ago in October 2016.
At the time of writing, the token is trading for $182, an incredible 95% surge in trading activity which led to $811 million in volume. As a result, ZEC’s market capitalization has surged by 20% and now sits at $2.96 billion, as per CoinMarketCap data.
Why is Zcash Surging?
This surge in Zcash price occurs after Grayscale, one of the largest investment management companies, launched a new Zcash (ZEC) fund, which is created to give investors access to the token without buying it directly. The fund lets investors buy Zcash through normal investment accounts, similar to stocks.
Experts believe the fund could be a first step towards a possible Zcash ETF, which would make it even easier for large investors to trade the coin. In a short tweet on X, Naval Ravikant, a well-known venture capitalist said, “ZCash is insurance against Bitcoin.” Meaning it offers the same privacy and security that Bitcoin does not.
Meanwhile, Coinglass data reported that more than $2.9 million in short positions were liquidated. As a result, it caused the price to rise even more in a short squeeze.
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