Zcash has shown remarkable performance this past week, rising by 45% amidst a declining crypto market, bringing its price to an impressive $388. This surge elevates Zcash’s market capitalization to approximately $6.2 billion, allowing it to surpass Monero as the premier privacy coin.

CoinMarketCap reported a 7.6% increase for Zcash in just the last 24 hours. The rise of Zcash occurred despite a broader market slump, hinting at a renewed interest in privacy-centric cryptocurrencies, which prioritize user anonymity in transactions.

Top Privacy Coins
Top 10 privacy cryptocurrencies. Source: Cointelegraph

In a notable prediction earlier this week, Arthur Hayes, co-founder of BitMEX, projected a potential price point of $10,000 for Zcash. Following his bullish sentiment, the Zcash price jumped from $272 to a high of $355 shortly thereafter.

1-Year ZEC/USD Chart
ZEC/USD, 1-year chart. Source: Nansen

While Zcash’s demand seems to be strengthening, larger cryptocurrency holders have started selling off their positions, resulting in a net outflow of around $702,000 in ZEC tokens being offloaded by whale wallets. Remarkably, the number of ZEC token holders has grown by 63%, now totaling 1,968.

Simon Dedic, the founder and managing partner at Moonrock Capital, remarked:

“Crazy to see how $ZEC has pulled a 10x in just two months, completely decoupling from the market and ignoring overall sentiment.”
This is a significant development for a multibillion-dollar asset, showcasing Zcash’s potential in the market.