ZEC tops $20B market cap, hits highest price since 2016

Privacy-focused cryptocurrency Zcash (ZEC), sometimes referred to as a dark coin, has surpassed a $20 billion market capitalization after hitting its highest price since 2016, Cointelegraph reported. According to CoinGecko, ZEC rose to $1,249.28 on Sept. 7 and was recently trading around $1,190. The token is up about 45% over the past week and 138% over the past 30 days. Cointelegraph said a key driver behind the latest surge was crypto asset manager Grayscale’s conversion of its existing ZEC trust product into an exchange-traded fund. The ETF, which trades under the ticker ZCSH, was listed on NYSE Arca on Aug. 25.