Revival of Privacy Coins: Zcash and Dash Lead Market Rebound
Zcash and Dash are experiencing significant price increases, marking a potential revival for older cryptocurrencies amidst a privacy-centric market shift.
Key Points:
- Zcash and Dash are at the forefront of a privacy revival, emerging positively after a prolonged downturn.
- Monero has not benefited from this surge due to major delistings on exchanges.
Privacy-centric cryptocurrencies, Zcash (ZEC) and Dash (DASH), are seeing remarkable gains after a steep decline in the broader crypto market that led to over $20 billion in liquidations. As of Thursday, ZEC has surged over 66% from its low and is up nearly 350% year-to-date, with significant growth in October.
ZEC/USDT Daily Chart. Source: TradingView
DASH has also increased by more than 65% since the crash, trading near $50. In the past month, it has seen nearly a 150% upswing.
DASH/USDT Daily Chart. Source: TradingView
Even Litecoin (LTC), which adopted a privacy upgrade called Mimblewimble in 2021, has risen over 80% from its lows, although it has underperformed compared to other privacy coins.
Recent price growth has led some traders to announce the season of “dinosaur coins,” referencing older coins that are beginning to see a bullish revival after years of underperformance.
Naval Ravikant’s Endorsement of Zcash
The total market cap of privacy coins surged by 36.70% since October 1, surpassing $7 billion, according to industry data.
The revival began when notable investor Naval Ravikant referred to Zcash as an “insurance against Bitcoin” in a tweet, which spurred a more than 60% surge on that day.
Following the crash, which eliminated billions in leveraged positions, the altcoin market became significantly oversold, creating favorable conditions for buyers. The rebound of Zcash indicated to traders that the privacy coin market was poised for recovery.
Monero (XMR), recognized as the top privacy coin by market cap, did not participate in these rebounds, remaining restricted on several prominent exchanges, leading to a drop in liquidity and visibility.
This situation limits Monero’s potential during market upward trends.
Technical Recoveries After Multi-Year Downtrends
The recent rally in older coins signifies a shift from multi-year downward trends, comparable to XRP’s dramatic breakout from a seven-year price stagnation in late 2024, where it surged over 630%.
Both Zcash and Dash have exited their multi-year declining patterns, signaling a bullish shift in momentum. ZEC’s breakout confirmed this with a rise above the $200-$220 resistance level, transforming it into short-term support, suggesting a possible surge toward $490 in the coming months.
DASH is also in a breakout mode, recovering the $50 level for the first time since early 2024, with prospects for growth contingent on sustaining above critical levels.
Collectively, these developments underline a resurgence of interest in privacy coins, led by ZEC and DASH, offering a potential narrative for market recovery.
Disclaimer: This article does not contain investment advice. All trading carries risk, so readers should do their own research.
