Zcash's Explosive Rally Raises Questions About Fundamentals
Zcash's price has surged by an astonishing 2,496% since Bitcoin reached its peak in October 2025. This has propelled ZEC to the 10th position in market capitalization and pushed the entire privacy sector above its level from that time.
The median asset among the top 200 cryptocurrencies is down around 58% from its peak, while Decentralized Finance (DeFi) is at -27% and gaming at -74%. However, privacy coins have bucked this trend, gaining a significant 213% since Bitcoin's high.
F2Pool co-founder Chun Wang has described the rise of Zcash as a 'narrative bid', questioning whether its market capitalization justifies its new status. He pointed to governance disputes and a vulnerability disclosed in May involving the Orchard privacy pool, raising concerns about whether optional privacy can support the valuation.