Zcash Overtakes Hyperliquid, Enters Top 20 with 358% Rally
Zcash (ZEC) surged past $600, marking its entry into the top 20 cryptocurrencies by market capitalization after a 358% monthly rally and a 1,270% year-on-year gain. Its market cap approached $10 billion as daily trading volume exceeded $1.8 billion and futures open interest topped $800 million, indicating robust organic demand for this privacy coin. The surge also saw Zcash overtake Hyperliquid in market cap rankings.
The rally reflects growing investor demand for Zcash’s optional-privacy features and cross-chain utility. Technical upgrades from the Electric Coin Company—such as protocol enhancements and the expanding Zashi wallet ecosystem—have deepened liquidity across major venues including Binance, Hyperliquid and Bybit. The spot-to-futures volume ratio suggests traders favor spot accumulation over leveraged bets.
As Zcash breaks past prior cycle highs, traders should monitor its momentum for potential long-term upside. Renewed interest in privacy coins could drive further market reshuffling in 2025, positioning Zcash for one of the strongest large-cap performances next year.
Bullish
The combination of a sustained price rally, elevated trading volumes and futures open interest, plus positive protocol upgrades and expanding wallet adoption, indicates strong momentum for Zcash. In the short term, the breakout above $600 and entry into the top 20 may attract momentum-driven buying. In the long term, technical enhancements and renewed privacy-coin interest are likely to underpin further gains, supporting a bullish outlook.