Zcash has blasted past its 2021 peak after a 30-day triple-digit rally, driven by the convergence of speculative hype and a renewed focus on privacy.

Zcash has climbed from a low of $54 to around $372 in a month, positioning it as one of the market's top performers. 

That's 11.5% higher than the May 8, 2021, high of $319. The asset is still down 88% from its all-time high of $3,191.93 set nearly nine years ago, according to CoinGecko data.

The market’s underlying volatility and bullish sentiment were reflected in predictions market Myriad, owned by Decrypt’s parent company DASTAN, where the chance of Zcash hitting $369 was resolved after the token hit a high of $374.4 on Sunday.



Zcash’s rise can be attributed to a “perfect storm of catalysts,” including the upcoming November halving, renewed interest in privacy coins amid rising surveillance concerns, and a viral $10,000 price call from Arthur Hayes, Shivam Thakral, CEO of BuyUCoin, told Decrypt.

The halving is expected to slash the miner's block reward by half, from 3.125 to 1.5625 ZEC, on November 18. 

Drivers that initially triggered a volatile breakout in the first week of October included endorsements from prominent investors like Naval Ravikanth and ex-Coinbase engineer and Helius CEO Mert Mumtaz.

Grayscale’s decision to allow eligible investors to gain exposure to the ZEC token has helped push the token’s uptrend in the second half of this month, Decrypt previously reported.

Renewed interest in privacy tokens has also lifted the broader sector, with Monero and Dash gaining 9.1% and 12.5%, respectively, over the past week as traders rotate into older, anonymity-focused assets.

"Privacy is back in focus," as global regulations tighten and digital surveillance debates heat up, Thakral added. "Zcash, despite being an older coin, offers a clear, simple privacy narrative, and with its halving near, traders found an easy, liquid way to express that theme."

Still, Thakral cautioned that the rally appears to be driven more by speculation than fundamental growth, citing a limited increase in “shielded transactions.”

The next leg hinges on how miners and investors react post-halving and on whether the privacy narrative can sustain real user growth beyond pure speculation and trigger a sell-the-news reversal, Thakral said.

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