ZEC Surges Over 29% in 24 Hours, Price Nearing an All-Time High, Market Cap Reaches $12.46 Billion

BlockBeats News, August 22, according to HTX market data, ZEC surged over 29% in the past 24 hours, now trading at $735.47, approaching its previous all-time high of $750, with a market cap of $12.46 billion.

On June 5, Zcash founder Zooko Wilcox, along with Jason McGee and Taylor Hornby, released a lengthy article, disclosing in detail a critical vulnerability in the project's latest privacy layer Orchard Pool, which could be exploited to create an unlimited amount of counterfeit ZEC in a shielded pool. Previously, the Zcash ecosystem underwent an emergency network upgrade to address the issue. However, after a detailed disclosure of the impact, the ZEC price experienced intense volatility, plummeting to touch $250.12 at one point.

On August 20, Grayscale submitted its fourth amended filing to convert its Zcash Trust into an ETF, proposing to rename the fund and list it on the NYSE under the ticker symbol "ZCSH." The filing revealed that its parent company, Digital Currency Group (DCG), through DCG International Investments Ltd., is considering injecting around 200,000 ZEC into the fund.