High-profile endorsement from Arthur Hayes and "privacy coin hype" fueled the capital inflow, but experts warn of extreme speculative activity.
The privacy-focused cryptocurrency Zcash (ZEC) has stormed back into the crypto spotlight. It recently achieved a market capitalization of $12 billion, successfully reclaiming a spot among the top 15 digital assets.
The ZEC token has been on a significant rally within the last 2 months. It peaked at $734 on November 7, extending a blistering ascent that has seen its value soar by roughly 850% since the start of October 2025.
This momentum was powerful enough to push Zcash past cycle-darling Hyperliquid. Furthermore, the token reached price levels not seen since early 2018. For context, while Zcash was hitting highs of over $734, major counterparts were flagging. Bitcoin and Ethereum were both down double-digit percentages, and the GMCI 30 index had slumped by 25%. ZEC's performance, therefore, stood out as a stark outlier.
However, the ZEC price has been going through a correction, decreasing over 25% in the last 24 hours.
Supporters and analysts point to a confluence of ideological and technological factors driving this dramatic turnaround. At the heart of the narrative is a fundamental reevaluation of digital privacy.
Nansen Senior Research Analyst Jake Kennis noted, "Privacy is increasingly viewed as a necessity rather than a feature." Amidst global debates about financial surveillance, this sentiment stimulates fresh demand for self-sovereign, private transactions.
Learn more: DASH, ZEC Surge: Privacy Coin Ignites Crypto?
Technologically, Zcash is benefiting from its core architecture. It utilizes zk-SNARKs (zero-knowledge proofs) to create "shielded" transactions, validating transfers without revealing the sender, receiver, or amount. As a result, the sustained increase in Zcash's "shielded supply" is seen as a key indicator of actual usage and growing trust in its security features.
Furthermore, Zcash positions itself as an "encrypted Bitcoin." This comparison stems from its robust tokenomics: it has a fixed maximum supply of 21 million coins and utilizes a Proof-of-Work (PoW) consensus mechanism. Coupled with an upcoming halving event that will further reduce new issuance, this positions ZEC strongly against its peers.
Besides, this positive price action has naturally attracted the attention of high-profile investors. Most notably, former BitMEX CEO and Maelstrom CIO Arthur Hayes publicly confirmed his support.