On Oct. 10, Zcash (ZEC) soared over 50% in 24 hours, briefly reaching $267 and marking a 90% weekly gain. The surge pushed its market capitalization above $4 billion for the first time since November 2021.
Zcash Soars 434% in 30 Days, Market Cap Tops $4B
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ZEC Price Explodes, Hits Post-November 2021 High
The privacy coin Zcash (ZEC) surged on Oct. 10, climbing over 50% in 24 hours to reach $267 (1:00 a.m. EST). The move boosted ZEC’s weekly gains past 90% and pushed its market capitalization above $4 billion for the first time since November 2021. Since trading around $50 on Sept. 23, ZEC is up approximately 434%, making it one of the best-performing altcoins over the past 30 days.
Despite the run-up, some experts, including crypto investor Eric Van Tassel, predict ZEC will maintain its upward trajectory and potentially overtake Monero ( XMR) in market capitalization. In a post on X (formerly Twitter) on Oct. 10, Tassel reiterated his conviction that ZEC would soon breach the $400 mark.
Tassel stated: “All of you who have followed me know that my minimum target is $400. Based on this fib chart, the 2.414 level is $408. If we reach that sooner than later, my expectations will switch to my higher macro target of $2,500.”
The price surge in Zcash (ZEC) is being analyzed through two distinct lenses: institutional adoption and a returning market ideology. On one side, market experts point to concrete developments that suggest a growing acceptance of ZEC within traditional finance. A key factor cited is Grayscale’s launch of a ZEC product, which provides institutional and accredited investors with an easier, regulated pathway to gain exposure to the privacy coin without directly owning the underlying asset.
Conversely, staunch privacy proponents assert that ZEC’s price action reflects a broader return of the privacy narrative within the crypto space. The significant gains seen across many other privacy-focused coins is seen reinforcing the notion that investors are rotating capital into this sub-sector.
Meanwhile, data from Coingecko showed the overall privacy coin market capitalization nearing $13 billion on Oct. 10. Excluding XMR and a few low-cap coins, most saw double-digit 24-hour gains. For example, RAIL surged over 110% to $5.14, while DASH, XVG, TORN, and DCR were up by 36%, 22%, 14%, and 11.6%, respectively.
Conversely, ZANO, NYM, and HOPR were among the few notable privacy coins registering negative returns over a seven-day period.
