- ZEC reached $865, its highest level since January 2018, after gaining roughly 3.4 times from its June low near $250.
- Grayscale’s filing to convert its Zcash Trust into a U.S. spot ETF accelerated the rally above $800.
- ZEC mentions reached 138 on August 21, far below June’s 1,116 peak despite the token’s rapid price increase.
Zcash has reached its highest price in eight years after ZEC surged 47% to $865. The rally followed Grayscale’s filing to convert its Zcash Trust into a U.S. spot ZEC ETF. However, Santiment Intelligence reported that social activity remained far below June levels despite ZEC gaining fast from its recent low.
ZEC Reaches Highest Price Since 2018
ZEC reached $865, a level last seen in January 2018. The token has now gained about 3.4 times from its June low near $250. ZEC traded around $362 on June 6 before rising to roughly $796 by August 21.
That represented a gain of about 120%, with most of the move occurring within four days. ZEC climbed from approximately $509 on August 18 to $733 on August 21. The rally later pushed above $800, with the provided chart showing a latest close of $809.90.
The chart recorded a high of $813.60 and an opening price of $802.29. Volume also expanded sharply as ZEC moved through $600, $650, $700 and $750.
Grayscale Filing Adds To ZEC Price Move
The Block reported that ZEC’s rally accelerated after Grayscale filed to convert its Zcash Trust. The filing would create the first U.S. spot ZEC ETF. Before the breakout, ZEC spent much of late July and mid-August between roughly $460 and $520.
Price then broke above $550 around August 19. The June decline followed an AI discovery of a critical counterfeiting vulnerability. The vulnerability had remained active for four years, according to the provided information.
ZEC remains about 73% below its all-time high of $3,191. Meanwhile, the chart shows RSI at 71.07, above the traditional 70 level.
Social Activity Remains Well Below June
Santiment recorded 1,116 ZEC mentions on June 5, one day before the token reached its June bottom. On August 21, mentions reached only 138. That August figure represented roughly one-eighth of the June total.
Santiment noted that social activity had returned near May levels despite the higher price. The chart also showed a MACD line of 72.37 against a 67.21 signal line. Its histogram stood at 5.16, while key levels included $800, $750, $700 and $650.
