Zcash (ZEC)’s “sudden” 700% rally may reflect broader cultural shifts in the crypto space amid Bitcoin’s growing institutionalization, according to the latest report from Galaxy Research. The report notes that unlike bitcoin—now dominated by exchange-traded funds (ETFs) and centralized custodians—ZEC continues to uphold cypherpunk ideals, boosting its appeal among privacy advocates.

Supporters of Zcash (ZEC) argue that a variety of factors contribute to its impressive resurgence, which has propelled it past Monero ( XMR) to claim the title of the top-ranked privacy coin. They point to advancements in technology, increased adoption, and a growing focus on financial privacy as significant drivers of this momentum.

Critics, on the other hand, contend that this rally may be artificially influenced by prominent figures in the cryptocurrency space, such as BitMEX founder Arthur Hayes. They suggest that large holders, or “whales,” are strategically offloading their positions onto unsuspecting retail investors, casting doubt on the sustainability of ZEC’s price surge.

However, Will Owens, a Galaxy research analyst and author of the report, pushed back against that narrative, asserting that ZEC’s rising visibility stems from its increasingly user-friendly privacy stack. He cited the March 2024 launch of the Zashi wallet as a key milestone:

The Zashi wallet abstracts away the complexity of the shielding UX, and shielded supply is trending up right now. As more ZEC gets shielded, the anonymity set grows and allows Zcash to become more private.

Owens also pointed to Hyperliquid’s recent listing of ZEC perpetual contracts as a catalyst for the coin’s momentum, suggesting strong community demand for exposure to a previously overlooked asset.

“The availability of perps has increased market liquidity for ZEC, with open interest around $115 million as of Oct. 30, and is contributing to greater spot price volatility,” he said.

The research analyst acknowledged that investor sentiment—shaped by vocal support from prominent crypto figures—may indeed be one of the primary drivers behind ZEC’s rally. However, he argued that the surge has forced the market to “reprice privacy,” as capital rotates into privacy-focused assets like DASH, Decred, and Railgun.

• Why is Zcash (ZEC) rallying so sharply? ZEC surged 700% amid rising demand for privacy and resistance to Bitcoin’s institutional shift.
• What makes ZEC different from bitcoin? Unlike Bitcoin’s ETF-driven ecosystem, ZEC still follows cypherpunk principles and decentralized privacy.
• Is ZEC’s rally being manipulated? Some critics say whales and influencers may be driving the surge to exit at retail’s expense.
• What new tools are boosting ZEC adoption? The Zashi wallet and Hyperliquid’s perp listing have improved usability and market liquidity.

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