Zcash Market Cap Hits $10 Billion: Climbs to Top 20 Rankings

Zcash (ZEC) has made a dramatic comeback, surging past Hyperliquid to rejoin the top 20 cryptocurrencies by market capitalization. The privacy-focused coin’s rally pushed its market cap above $10 billion, marking one of its strongest performances in years.

According to Arthur Hayes, co-founder of BitMEX and head of Maelstrom, ZEC has now become the second-largest liquid asset in the firm’s portfolio—trailing only Bitcoin (BTC). Hayes noted that Zcash has soared nearly 750% since October, reflecting growing investor interest in privacy-centric digital assets amid renewed market volatility.

The surge underscores Zcash’s resurgence in mainstream crypto discussions after years of subdued activity, as traders increasingly diversify toward alternative plays beyond Bitcoin and Ethereum.

A new Galaxy Research report explains the reason behind Zcash’s (ZEC) remarkable 8x surge over the past month. Launched in 2016 as a Bitcoin fork, Zcash introduced zero-knowledge proofs to enable private transactions, addressing the privacy limits noted by Satoshi Nakamoto in Bitcoin’s 2008 whitepaper. Despite its innovation, ZEC long underperformed Bitcoin and remained overshadowed by Monero—until its recent comeback.

Galaxy attributes Zcash’s surge to a renewed market focus on privacy. According to a16z’s 2025 State of Crypto report, global interest in privacy-related search terms has climbed sharply in recent months. Further momentum came when Hyperliquid, a popular decentralized exchange, listed ZEC perpetual futures, allowing traders to take leveraged positions on the privacy coin.

With growing demand for privacy-centric assets, Zcash has outperformed the broader market, even overtaking Monero’s market capitalization, marking one of crypto’s biggest comebacks in 2025.

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Digital Tokens, Zcash (ZEC)