Zcash and Hyperliquid Surpass Majors as Crypto ETFs See Surge

The cryptocurrency market has seen a surge in recent weeks, but Bitcoin and Ether aren't among the top performers. In fact, major assets like Bitcoin and Ether are still below their all-time highs and have not fully recovered from their losses earlier this year.

However, some smaller players have been gaining significant traction. The Grayscale Zcash Trust (ZCSH) has seen a remarkable 184% return so far this year, making it the standout performer among US-listed spot crypto ETFs. Zcash is a privacy coin that shields transaction details, and its rally has been driven by renewed interest in financial privacy and high-profile backing from investors.

Another winner is Hyperliquid, with the Bitwise Hyperliquid ETF (BHYP) up 118% since its launch in May. Hyperliquid is a blockchain built for decentralized finance, focusing on derivatives such as pre-IPO perpetuals that allow traders to take positions on private companies before they go public.

The recent surge in crypto prices can be attributed to risk-on appetite, with stocks reaching record highs and investors seeking cheap alternatives to former highs. However, the comeback is far from complete, and major assets still have a long way to recover.