Mike Fay anticipates corrections for this cryptocurrency.
“I would not chase the value of the asset proper now,” says the analyst.
In a market shaken final week by panic, the place crimson dominated the screens, a cryptocurrency defied the tide. Zcash (ZEC), recognized for its give attention to privateness, not solely withstood the widespread crash, however catapulted with an increase.
Because the market grapples with the aftermath of “Black Friday” on October 10, 2025, which noticed bitcoin (BTC) and cryptocurrencies fall, Zcash climb positions.
Zcash has seen a notable rise in 2025, with a 350% enhance in its worth within the final month. Whereas bitcoin (BTC) and Ethereum’s cryptocurrency ether (ETH) have proven stable efficiency, ZEC has far surpassed them, going from $40 per coin in September to as excessive as $300 this week.
This momentum has led zcash to rank because the thirtieth digital asset by market capitalization, a notable achievement for a cryptocurrency that appeared left behind in early 2023.
“It has been a protracted highway and it is nice to see zcash having its second after it seemed prefer it was over early final 12 months,” says market analyst Mike Fay. Nevertheless, he warns that this rebound is just not with out dangers..
“I would not chase the asset worth proper now,” he recommends, suggesting that enthusiasm could possibly be inflated by exterior elements.
Privateness on the heart of the narrative
The enchantment of zcash lies in its privateness know-how, which permits clear and personal transactions via its “Shielded Pool”, a protected group that hides the small print of the operations.
From the start of 2025, ZEC provide on this pool has doubled, from 2 million to virtually 4.5 million cashwhich represents greater than 27% of the circulating provide, as seen within the following graph. This development means that customers are utilizing zcash for its unique function: defending privateness in an more and more surveilled digital world, Fay says.
“The optimist in me want to consider that we’re seeing a widespread awakening to surveillance know-how and the renaissance of digital privateness,” he explains.
Nevertheless, he provides a important nuance: “The cynic in me can not help however discover that the rise of zcash is due, partially, to the truth that cryptocurrency influencers have talked about it extra on platforms like X.” This push on social media has skyrocketed search curiosity in zcash to ranges not seen within the final 5 years.
Competitors within the privateness area of interest
Zcash is just not alone within the privacy-focused cryptocurrency area. Its most important competitor, monero (XMR), presents privateness by default, not like zcashwhich lets you select between clear or non-public transactions.
“What as soon as appeared like a shedding battle in opposition to competitor monero is now a contest once more,” explains Fay. Though Zcash has surpassed monero in every day transaction development by 2025, ranging from a base of simply 1,300 common every day transactions originally of the 12 months, its quantity stays modest in comparison with different networks.
In a comparability chart, Fay contains sprint (DASH) and litecoin (LTC), cryptocurrencies targeted on funds with some extent of elective privateness. The info reveals that zcash has fallen behind in community exercise.
Whereas ZEC had extra every day energetic addresses than sprint up to now, through the post-“crypto winter” cycle of 2022-2023, sprint has vastly outperformed zcash, and each are properly behind litecoin.
Explosion in transferred worth
The place zcash shines is within the worth transferred in {dollars}. After averaging lower than $3 million a day in August, ZEC hit $57 million on a 30-day shifting common in October.
The community processed over $312 million, surpassing sprint and litecoin mixed on that day. “It is fairly clear the place that ZEC goes,” says Fay, referring to the rise in use of the Shielded Pool.
This development in transferred worth displays renewed curiosity in privateness, but additionally raises questions concerning the sustainability of the rebound. “Sentiment in the direction of the mission has clearly modified, judging by the rise in provide from the protected group,” says Fay.
Nevertheless, Zcash’s clear every day energetic tackle metrics stay low, elevating questions on whether or not the rally is pushed by broad adoption or massive traders shifting belongings to the protected group.
Zcash is just not with out dangers
Regardless of the keenness, technical indicators recommend warning. The MVRV index (Market Worth to Realized Worth), which measures the connection between the market worth and realized worth of a cryptocurrency, is at 2.2 for zcash, a degree that has traditionally preceded corrections.
“I feel the ZEC rally is kind of prolonged at this level, based mostly purely on the technicals,” warns Fay.
Though the analyst maintains a place in ZEC and believes within the mission, he recommends not chasing the present worth. “It is undoubtedly one to think about including if this cycle turns bearish,” he provides.
A broader perspective
The distinction between zcash’s efficiency and the remainder of the market throughout Black Friday is putting. Whereas ZEC was climbing, the market took a success following Donald Trump’s tariff announcement on China, which triggered a drop of as much as 17% in bitcoin and the remainder of the cryptocurrencies.
Bruno Vaccotti, analyst and founding father of the Paraguayan Chamber of Digital Asset Mining, provided a important imaginative and prescient to CriptoNoticias: “The market realized in essentially the most pedagogical and painful approach that gravity is just not elective. Bitcoin fell, sure, like an grownup who stumbles however continues strolling with model.”
Vaccotti describes cryptocurrencies, together with these like zcash which have momentarily shined, as extra susceptible.
“Cryptocurrencies stumbled in search of a backside that did not attain them,” he says. In keeping with Vaccotti, bitcoin is distinguished by its simplicity and resistance: “21 million, recognized emission, with out a board finding out what to say in communication crises. Unstable? Sure. Antifragile? Additionally.”
In distinction, Cryptocurrencies usually depend on “innovation” narratives that crumble in days of disasterwhen “strategic allies disappear” and regulatory guarantees don’t shield in opposition to volatility.
Will there be a sustainable zcash rally?
The query that continues to be is whether or not zcash can keep its momentum. Whereas its privateness know-how and elevated use of Shielded Pool are constructive indicators, The expansion appears pushed, partially, by hypothesis and the affect of opinion leaders in networks like X.
Vaccotti warns that cryptocurrencies, together with these like zcash, They usually endure from their dependence on narratives and strategic partnerships that don’t face up to market strain. “On inexperienced days, every little thing is ‘innovation’; on crimson days, every little thing is ‘manipulation’, based on the pursuits of the events,” he factors out.
Fay, for her half, maintains a balanced stance. Whereas he acknowledges zcash’s potential, he suggests the present rally could possibly be fragile. “It might merely be a case of huge cryptocurrency holders selecting ZEC to guard belongings fairly than a broad base of small holders really utilizing the community. That is still to be seen,” he concludes.
