Zcash has been one of the biggest beneficiaries of crypto’s broader market rally. On Wednesday, the privacy-focused asset briefly surpassed $1,600 to reach a new 10-year high. It has gained 88% over the past month, according to CoinGecko data.
The rally coincided with Bitcoin’s brief move above $87,000, a level not seen since January, as the broader crypto market advanced. Solana, XRP and Hyperliquid have also posted notable gains over the past week, but none matched Zcash’s performance: The token rose more than 28% this week alone.
“ZEC rose from outside the top 80 cryptocurrencies by market cap to the top 10 over the course of 2026,” David Lawant, head of research at crypto platform Anchorage Digital, told Fortune in a written statement.
Zcash’s recent outperformance has drawn particular attention, and several factors may be contributing to its rise.
The cryptocurrency has attracted growing interest from crypto users who prioritize financial privacy. Unlike Bitcoin, it allows users to conceal transaction information, including the sender, recipient and amount, through zero-knowledge cryptography. Supporters argue that the cryptocurrency combines Bitcoin’s fixed supply with greater privacy than Bitcoin’s public ledger provides. They also argue that the expansion of artificial intelligence could increase the potential for government surveillance, strengthening the case for private digital payments.
“It’s one of the few major assets seen as retaining the original cypherpunk ethos that some investors feel has faded from crypto’s more prominent, institutionalized names,” Lawant added.
Zcash has also received a recent institutional boost. On Tuesday, crypto asset manager 21Shares launched a Zcash exchange-traded product listed on Euronext Paris and Euronext Amsterdam. The move reflected the growing relevance of on-chain privacy for professional fund managers, said Maximiliaan Michielsen, a senior investment strategist at 21Shares.
“As capital moves on-chain, investors need the same confidentiality they rely on in traditional markets, where off-exchange venues handle a huge portion of volume, rather than radical transparency that exposes positions to front-running, AI surveillance, or quantum threats,” Michielsen told Fortune in a written statement.
Prominent crypto investors have added to the attention surrounding Zcash. Investment firm Multicoin Capital disclosed a significant ZEC position earlier this year, while Cypherpunk Technologies, a publicly traded Zcash treasury company backed by the Winklevoss twins, has accumulated ZEC and invested in Zcash mining. The moves reflect investor interest in Zcash’s fixed supply and optional transaction privacy.
More broadly, macro political and economic developments have helped boost crypto asset prices. In August, the sector staged a surprise rally after the Treasury Department announced it would double purchases of older, long-term government bonds, helping crypto assets reclaim levels not seen in months. Even developments that would traditionally weigh on the market, including Congress’s failure to pass the CLARITY Act, a bill that would regulate crypto market structure, the Federal Reserve’s decision to raise interest rates, and September’s history as a seasonally weak month for crypto, have not been enough to push prices lower.