Key Points:
Zcash and Dash are leading the "privacy revival" after the crash, breaking years of downtrend.
Monero failed to join this rebound due to delistings from major exchanges.
Privacy-focused cryptocurrencies Zcash (ZEC) and Dash (DASH) became some of the strongest performers after the cryptocurrency market crash on Friday and Saturday, during which over $20 billion in positions were liquidated.
As of Thursday, ZEC has rebounded over 66% from its low on October 9, reaching $246. It has increased nearly 350% year-to-date, with a 230% rise in October alone.
DASH has rebounded over 65% since the crash, trading close to $50 as of Thursday. Its return over the past month is nearly 150%.
Litecoin (LTC), which completed its "Mimblewimble" privacy upgrade in 2021, has also rebounded over 80% from recent lows. However, it still lags behind most privacy coins this year, down about 7.50%.
These recent price surges have led some traders to declare a so-called "dinosaur coin season," indicating that older coins (those underperforming in the crypto market for years, pre-2017) are experiencing a bullish revival.
But what is driving this rebound?
According to data from Messari listing 151 such tokens, the total market capitalization of privacy coins has grown by 36.70% since October 1, exceeding $7 billion as of Thursday.
Notable investor Naval Ravikant stated on October 1 that Zcash is "insurance for Bitcoin," and the rise of privacy coins began that day, with ZEC surging over 60%.
After the crash wiped out billions in leveraged positions, the altcoin market reached its most oversold level since April, creating an attractive opportunity for bottom buyers.
Thus, when Zcash rebounded significantly under oversold conditions and with Ravikant's support, it sent a signal to traders that the privacy coin market was preparing for a revival.
Ultimately, the prices of privacy coins experienced a typical strong rebound, recovering significantly.
According to industry sources, Monero has been delisted or restricted from most major exchanges, including Binance and OKX, as well as several European trading platforms, due to its anonymity design. The largest privacy coin, Monero (XMR), failed to see a similar rebound.
These delistings greatly reduced its liquidity and visibility, limiting its upward potential in the broader market rebound.
The recent surge of "dinosaur coins" has broken a years-long downtrend, marking a shift in market sentiment. This is similar to XRP breaking a seven-year consolidation trend in November 2024 and subsequently rising over 630%.
Zcash and Dash have both broken out of multi-year descending wedge patterns, which typically signal a bullish reversal indicating a continuation of strong upward movement.
This month, ZEC confirmed its breakout after surpassing the $200-$220 resistance zone, turning it into a new short-term support. This marks the end of a seven-year downtrend and opens up space for a rise to $490 in the coming months.
DASH has entered its own breakout phase, reclaiming the $50 mark for the first time since early 2024.
Sustained closes above this area, along with further measurements of DASH's 50-month EMA (red wave), could validate the wedge breakout, targeting $760 or higher in the coming months or years.
A pullback from the 50-month EMA resistance for DASH could invalidate or delay the multi-month breakout setup.
LTC remains in an ascending triangle pattern, defining a series of higher lows since 2022.
It has repeatedly failed to break through the $100-$150 range. However, a decisive breakout above this upper limit could trigger a measured move towards the 1.0 Fibonacci retracement level near $375, marking a full recovery from its previous cycle losses.
Overall, these structures reinforce the "privacy revival" narrative, with ZEC and DASH currently leading the way.
Related: The NFT market rebounded strongly after evaporating $1.2 billion during Friday's crypto crash.
Original: “Dinosaur Coin Season: Why Are Zcash and Dash Leading the Rebound?”
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