Zcash Reclaims Top 20 After Topping $10B Market Cap

Zcash (ZEC) has shocked the crypto world, soaring back into the top 20 cryptocurrencies after months of obscurity. The privacy-focused coin hit a market cap of $10.9 billion, overtaking Hyperliquid’s $10.8 billion and cementing its place among the most valuable digital assets. Despite the broader market slump, ZEC has climbed over 25% in the past 24 hours and an astonishing 750% since early October.

What’s even more remarkable is that while Bitcoin and Ethereum have both fallen double digits over the past month, Zcash price has moved in the opposite direction — reclaiming the $200 mark for the first time since 2022 and touching $680 at the time of writing.

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From $75 to $680: A Privacy Coin’s Revival

At the start of October, ZEC price traded near $75 after years of drifting between $20 and $80. Its resurgence has been rapid and relentless. By mid-October, it had already broken through resistance levels despite the largest liquidation event in crypto history. The current price marks Zcash’s highest point since early 2018, though it still sits well below its inflated 2016 all-time high of over $3,000 — a number skewed by limited early supply.

The rally comes amid widespread losses across the sector. Bitcoin is down about 18% since mid-October, Ether has dropped 26%, and the GMCI 30 index has fallen 25%. Yet Zcash has defied gravity, becoming one of the few bright spots in a largely bearish market.

Why Zcash Is Suddenly in Demand

Several narratives are driving Zcash’s rise. Analysts point to growing debates around financial surveillance in Europe, increasing attention to privacy wallets, and a jump in sector-wide trading volumes. But the deeper story lies in Zcash’s architecture and philosophy.

Zcash allows users to move tokens into a “shielded” pool, using zero-knowledge proofs (zk-SNARKs) to hide transaction details while keeping the network verifiable. The amount of shielded supply has grown significantly in recent months, suggesting a rise in active usage — not just speculation. According to The Block’s analysts, this opt-in privacy feature is being embraced by more holders, reflecting greater trust in Zcash’s technology and ecosystem.

The ‘Encrypted Bitcoin’ Narrative

Nansen analyst Jake Kennis summed it up well: “Privacy is increasingly viewed as a necessity rather than a feature.” Zcash’s combination of privacy tech, Bitcoin-like economics, and upcoming halving event has sparked a new wave of investor enthusiasm.

Its technical foundation — a fixed 21 million supply, Proof-of-Work consensus, and zk-SNARK-enabled privacy — positions it as what many are calling an “encrypted Bitcoin.” The recent release of the Zashi wallet, supporting shielded transactions and Solana integration, has further expanded its reach and ease of use.

Market data backs up the narrative. Both spot and futures volumes are spiking as traders pile into the privacy coin trade. Funding rates have turned extremely negative, signaling heavy short liquidations as bullish momentum accelerates.

Arthur Hayes Backs the Move

Former BitMEX CEO Arthur Hayes has publicly endorsed Zcash’s rise, revealing that his family office, Maelstrom, now holds ZEC as its second-largest liquid position after Bitcoin. Hayes argued that Zcash’s shielded transactions could power the next wave of decentralized exchanges, predicting a $1,000 price target.

His involvement has added fuel to an already heated rally, though some analysts warn this could also signal a potential top if hype overtakes fundamentals. Still, the return of high-profile backers like Hayes underscores how far Zcash has come since being written off as a relic of the last bull cycle.

The Bottom Line

Zcash price climb back into the crypto elite shows how quickly sentiment can shift when technology, ideology, and timing align. With its emphasis on privacy, limited supply, and renewed institutional interest, $ZEC is reminding the market that privacy coins still have a place in the future of digital finance.

Whether this rally sustains or cools off, Zcash has already achieved something few coins manage — a full-scale comeback that reignites an entire category.