[DigitalToday reporter Yoonseo Lee] Privacy coin Zcash (ZEC) has topped $814 ahead of an exchange-traded fund (ETF) listing, breaking that level for the first time in 8 years.

According to blockchain media outlet U.Today on Aug. 23 (local time), Zcash recovered all of its losses after slipping to $250 in the aftermath of an Orchard pool vulnerability in June. Its market capitalisation has also swelled to $13.74 billion.

The driver is the first spot ZEC ETF set to list on U.S. stock markets. Asset manager Grayscale submitted final documents to the U.S. Securities and Exchange Commission (SEC), and the fund, trading under the ticker "ZCSH", is set to begin trading on NYSE Arca on Aug. 25. The fund will hold up to 393,000 ZEC, valued at more than $260 million. Coinbase will serve as custodian.

The surge has focused market attention on whether Zcash can catch up with XRP's market capitalisation. Zcash is a cryptocurrency that emphasises privacy features, while XRP has remained among top-ranked assets behind bitcoin, ether and stablecoins. Another point of comparison is that both assets will compete over ETF structures in the U.S. traditional finance market.

Industry figures see the move as a return of the privacy narrative. Mert Mumtaz (메르트 뭄타즈), chief executive of infrastructure company Helius, revived his earlier argument to "encrypt money". He said he would lobby for privacy coins until Zcash regains a top-3 market-cap position.

XRP's market value is currently $93.45 billion and its token price is $1.51. Zcash's market value is $13.74 billion. Assuming Zcash reaches the same market value as XRP, the price of 1 ZEC would be $5,537.93. That is 680 percent higher than the current level.

Still, Zcash overtaking XRP in market value is closer to a long-term numerical comparison. Midterm expectations among major market participants have shifted to above $2,500 on access to traditional stock markets via the NYSE Arca listing and preparations for a quantum-resistant network upgrade, but the strength of actual institutional demand is expected to be determined by ZCSH trading volume immediately after listing.

Ultimately, the key is how much money flows in after the ETF listing. Before discussing whether Zcash can surpass XRP's market value, it is necessary to check early ZCSH listing trading volume and fund flows.