Multiple leading privacy coins are breaking through the overall downward trend in the digital asset market, indicating a growing demand from investors for privacy-oriented cryptocurrencies.
According to data aggregation platform CoinMarketCap, Zcash (ZEC) surged to $388 on Friday, reaching a new high not seen in over eight years, with a 7.6% increase in the past 24 hours. As of the time of writing, ZEC's market capitalization has reached $6.2 billion, surpassing Monero (XMR) to become the highest market cap privacy cryptocurrency.
ZEC has seen a strong increase of 45% this week, contrasting sharply with the overall sluggishness of the cryptocurrency market. This follows a period of market consolidation after the much-anticipated US-China tariff agreement failed to materialize on Thursday.
This recent surge indicates that investor enthusiasm for privacy coins has been reignited, as these cryptocurrencies are specifically designed to conceal user transaction details.
Privacy coins like Zcash and Monero can hide the sender, receiver, and transaction details, providing stronger anonymity than pseudonymous cryptocurrencies like Bitcoin (BTC). Unlike Bitcoin transactions, which can be traced on-chain, privacy tokens are specifically designed to obscure wallet addresses and transaction histories.
Just days before reaching this eight-year high, BitMEX co-founder Arthur Hayes predicted that ZEC tokens would soar to $10,000, further boosting the market interest in the token.
According to Cointelegraph, within hours of Hayes' bullish prediction released on Sunday, ZEC quickly rose from $272 to a peak of $355.
While demand for the token is steadily increasing, "whales"—large cryptocurrency holders—are reducing their ZEC holdings.
Data from crypto intelligence platform Nansen shows that the number of ZEC token holders surged by 63% to 1,968 in the past week, but whale wallets net sold $702,000 worth of ZEC tokens.
Simon Dedic, founder and managing partner of Moonrock Capital, noted, "Seeing $ZEC achieve a tenfold increase in just two months, completely breaking away from the overall market trend and ignoring the prevailing sentiment, is truly astonishing."
He emphasized in a post on the X platform on Friday, "I want to specifically point out that this is not a junk coin, but an asset with a market cap of billions of dollars. This makes such performance even more extraordinary."
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Original article: “Zcash (ZEC) Hits 8-Year High, Market Cap Reaches $6.2 Billion Surpassing Monero (XMR) to Become Top Privacy Coin”
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