Zcash Jumps to Eight-Year High After Grayscale Files to Convert ZEC Trust Into Spot ETF

Zcash (ZEC) climbed 47% to $865, its highest price since January 2018, extending a rally that has taken the token roughly 3.4x from its June low near $250. The move gathered pace after Grayscale filed to convert its Zcash Trust into a U.S. spot ZEC ETF, which would be the first of its kind in the U.S. ZEC pushed through $800 following the filing. Price action over recent months has been sharp. ZEC traded around $362 on June 6 and rose to about $796 by August 21, a gain of roughly 120%. Much of that advance occurred in just four days, with ZEC moving from around $509 on August 18 to $733 by August 21. TradingView data in the report showed a latest close near $809.90, with an opening price of $802.29 and an intraday high around $813.60. Volume expanded notably as ZEC broke through $600, $650, $700 and $750. The Block reported that ZEC had largely ranged between about $460 and $520 in late July and mid-August before breaking above $550 around August 19. The June selloff followed an AI-identified critical counterfeiting vulnerability that, according to the information provided, had remained active for four years. Despite the surge, ZEC remains about 73% below its all-time high of $3,191. Technical indicators in the chart showed RSI at 71.07, above the traditional 70 threshold. MACD was listed at 72.37 versus a 67.21 signal line, with a histogram reading of 5.16. Key chart levels cited included $800, $750, $700 and $650. Social activity has not matched the price move. Santiment Intelligence recorded 1,116 ZEC mentions on June 5, one day before the token's June bottom. Mentions totaled 138 on August 21, about one-eighth of the June figure, with Santiment noting that social activity had reverted to near May levels despite the higher price.