Key Developments
Zcash (ZEC) jumped above $630 on November 7, pushing its market capitalization beyond $10 billion and marking new multi-year highs. The privacy-focused cryptocurrency has rallied nearly 15x since late September after years of decline and remains below its 2017–2018 cycle peak.
- As of Friday, ZEC traded around $627 with a daily range of $585–$644 on Binance, according to TradingView data.
- The rally has been largely continuous since late September, lifting ZEC from long-standing lows to the top tier of the altcoin market.
Market Context
Zcash’s breakout comes after a prolonged downtrend in which it underperformed even during the late-2021 bull cycle. Despite the recent surge, ZEC is still below its all-time highs from the previous major cycle.
Zcash founder Zooko Wilcox addressed the price action in late October, writing on X:
“I don’t know why the price of Zcash is rising so rapidly. And I don’t know whether it will fall back. But I know one thing for sure: the counter-narrative ‘this is a coordinated pump’ is just another cynical propaganda from those who are unable to believe in something good and real.”
Zcash, launched in 2016, remains one of the most recognizable privacy coins, offering users shielded transactions and zero-knowledge proof technology via zk-SNARKs. More details on the protocol can be found on the Zcash website.
Broader Altcoin Strength
Older, early-cycle projects also outperformed this week:
- Filecoin (FIL): $2.09 (↑ 57.72% over 24h)
- Internet Computer (ICP): $8.69 (↑ 48.41% over 24h)
- Tezos (XTZ): $0.6352 (↑ 20.70% over 24h)
- Dash (DASH) also featured among notable gainers
Meanwhile, Bitcoin traded above $101,000. On-chain analytics indicated large holders accumulated roughly 10,000 BTC (~$1 billion) over the last 24 hours, and Tether added 961 BTC (~$100 million) to reserves, underscoring a risk-on backdrop across majors and select legacy altcoins.
Why It Matters
- Zcash’s move back into a double-digit billion market cap highlights renewed interest in privacy-focused assets.
- The sustained, multi-week momentum suggests a structural shift in sentiment toward legacy altcoins that lagged for years.
- Despite gains, ZEC remains historically volatile; traders should consider the potential for sharp pullbacks after parabolic advances.
Looking Ahead
Market participants will watch whether ZEC can hold above key support levels after its swift climb and whether liquidity broadens to other long-standing projects. Sustained volume and continued inflows could test higher resistance levels, but elevated volatility is likely.