Zcash (ZEC) has shocked the crypto world, once again surging into the top 20 cryptocurrencies after months of silence. The privacy-focused coin reached a market capitalization of $10.9 billion, overtaking HyperLiquid’s $10.8 billion and cementing its place among the most valuable digital assets. Despite the overall market downturn, ZEC is up more than 25% in the past 24 hours and a whopping 750% since early October.
What’s even more remarkable is that while Bitcoin and Ethereum have both fallen by double digits over the past month, Zcash’s price has moved in the opposite direction. It has regained the $200 mark for the first time since 2022, reaching $680 at the time of writing.
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From $75 to $680: The Return of Privacy Coin
ZEC’s price was trading around $75 in early October after hovering between $20 and $80 for many years. Its resurgence continues swiftly and relentlessly. Despite the largest liquidation event in crypto history, it had already broken through resistance levels by mid-October. While the current price marks Zcash’s highest since early 2018, it is still well below its all-time high of over $3,000, which soared in 2016, although this number is skewed by limited initial supply.
The rally comes amid widespread losses across the sector. Since mid-October, Bitcoin is down about 18%, Ether is down 26%, and the GMCI30 index is down 25%. But Zcash has defied gravity and become one of the few bright spots in a largely bearish market.
Why is Zcash suddenly in high demand?
There are several stories behind the rise of Zcash. Analysts point to the growing debate over financial surveillance in Europe, increased focus on privacy wallets, and a surge in trading volumes across the sector. But the deeper story lies in Zcash’s architecture and philosophy.
Zcash allows users to use zero-knowledge proofs (zk-SNARKs) to move tokens into a “shielded” pool, hiding transaction details while maintaining network verifiability. Shielded supplies have increased significantly in recent months, suggesting an increase in active use and not just speculation. According to analysts at The Block, this opt-in privacy feature has been embraced by more holders, reflecting growing confidence in Zcash’s technology and ecosystem.
The story of “encrypted Bitcoin”
Nansen analyst Jake Kenneth summed it up well: “Privacy is increasingly seen as a necessity rather than a feature.” Zcash’s combination of privacy technology, Bitcoin-like economics, and upcoming halving event is sparking a new wave of investor enthusiasm.
Its technological underpinnings—a fixed 21 million supply, Proof-of-Work consensus, and zk-SNARK-enabled privacy—position it as what many refer to as “encrypted Bitcoin.” The recently released Zashi wallet supports shielded transactions and Solana integration, further expanding its reach and ease of use.
Market data supports this story. Trading volumes for both spot and futures are surging as traders enter privacy coin trading. Funding rates have turned extremely negative, suggesting massive short liquidations as bullish momentum accelerates.
Arthur Hayes supports this move
Former BitMEX CEO Arthur Hayes has publicly supported the rise of Zcash, revealing that his family office Maelstrom currently holds ZEC as its second-largest liquidity position after Bitcoin. Hayes argued that Zcash’s shield trading could drive the next wave of decentralized exchanges, and predicted a target price of $1,000.
His involvement added fuel to an already overheated bull market, but some analysts warn it could also signal a potential ceiling if hype overtakes fundamentals. Still, the return of a prominent backer like Hayes highlights how far Zcash has come since it was hailed as a relic of the last bullish cycle.
conclusion
Zcash’s price return to the crypto elite shows how quickly sentiment can change when technology, ideology, and timing align. With its focus on privacy, limited supply, and new institutional investor interest, $ZEC is reminding the market that privacy coins still have an important role to play in the future of digital finance.
Whether this rally continues or cools, Zcash has already achieved what only a few coins can manage: a full-fledged resurgence that reignites the entire category.