I woke up today to see Zcash (ZEC) blasting past $420, according to Coinmarketcap up over 10% in 24 hours. That’s not just a random pump—it’s a signal. Something deeper is brewing in the privacy coin sector, and Zcash is suddenly leading the charge. As someone who tracks crypto narratives like a hawk, I had to dive in.
Halving Hype Meets Whale Shorts
Since the Zcash halving event that occurred on November 1, 2025, block rewards have dropped significantly from 1.56 ZEC to just 0.78 ZEC. That’s a substantial 50% cut in new issuance. Historically, halvings have proven to be rocket fuel for price action. For instance, ZEC rallied an impressive 220% post-halving in 2020. Traders certainly remember this trend.
Whales weren’t just buying; in fact, they were strategically shorting into the hype. Why? Because 70% of ZEC’s hashrate was dominated by ASIC miners, and many of these miners had likely dumped their holdings to lock in profits before the rewards shrank significantly. It was a classic pre-halving shakeout scenario that caught many off guard.
Shielded Supply Hits 4.9M ZEC—That’s Huge
Privacy isn’t just a buzzword—it’s a metric. And Zcash just hit a major milestone: 4.9 million ZEC are now in shielded pools. That’s 28% of total supply. For context, Monero’s privacy is default, but Zcash’s opt-in shielded transactions are gaining traction fast.
Why does this matter? Because institutional players are watching. Gemini’s custody solution and Grayscale’s ZEC Trust (with $137M AUM) show that “compliant privacy” is a narrative that’s catching on. Shielded growth proves Zcash isn’t just a tech relic—it’s evolving.
Monero Dethroned: Zcash Becomes #1 Privacy Coin by Market Cap
This one hit hard. For years, Monero (XMR) was the undisputed king of privacy coins. But today, Zcash overtook it in market cap—$6.9B vs Monero’s ~$6.2B. That’s not just a flippening—it’s a shift in sentiment.
Monero’s dev activity has slowed, and recent 51% attack concerns haven’t helped. Meanwhile, Zcash is rolling out its Crosslink upgrade in Q4 2025, introducing hybrid PoW/PoS staking. That’s yield + privacy—a combo that could attract ETH whales and BTC holders looking for a stealth layer.
My Take: Don’t Sleep on ZEC
This rally isn’t just about price—it’s about positioning. Zcash is carving out a niche as the institutional-friendly privacy coin. With halving scarcity, shielded growth, and a tech roadmap that includes staking, it’s got momentum.
I’m not saying go all in—but I am saying watch the $400 level closely. If ZEC holds above it post-halving, we could be looking at a new era for privacy coins. And if Arthur Hayes’ $10K target ever comes into play… well, let’s just say I’ll be glad I paid attention early.
