Privacy-oriented cryptocurrency Zcash has surged by more than 70 percent over the past week, reinforcing the privacy narrative in the wider crypto market. The altcoin has shown strong price movement following crypto fund Multicoin Capital’s recent disclosure about a position in ZEC.
ZEC skyrockets 70 percent following Multicoin’s disclosure
ZEC, the native token of the Zcash protocol, is seeing renewed interest, as it climbed by more than 70 percent over the past week. According to data from Coingecko, the token has seen a price appreciation of more than 1300 percent over the past year.
The cryptocurrency is seeing rising interest from traders and investors alike after crypto fund Multicoin Capital, with $2.7 billion in assets, disclosed that it had taken a sizable position in the ZEC token.
Notably, the firm has been quietly making a position in the privacy-based cryptocurrency since at least February 2024. Multicoin co-founder Tushar Jain dubbed ZEC as the “most direct public market vehicle.”
The following daily chart shows the rapid price appreciation seen by Zcash over the past week. The digital asset has posted 7 consecutive green daily candles, propelling the token from around $327 to $574 as of Friday – recording a 78 percent gain.
Where is ZEC headed?
While ZEC is currently trading close to $600 price target, some analysts foresee more upside potential for the digital asset. For instance, crypto analyst Team LAMBO said that the token is pushing beyond the 2.618 Fibonacci extension on the daily chart.
However, the analyst cautioned that the short-term outlook looks extended and anticipated a potential price pullback for ZEC in the coming days. Data from Coinglass shows that trading has increased by 281 percent, hitting as high as $7.2 billion – the highest level in 2026.
Similarly, open interest in Zcash derivatives has climbed from 34.2 percent, hitting $1.37 billion. Another positive metric is the relative strength index (RSI) on the weekly chart, which hovers between 65-70, not yet entering the technically overbought territory.
Besides ZEC, there are several other privacy-oriented cryptocurrencies that are worth watching with the return of the privacy narrative in the market. Digital assets like Monero (XMR), Dash, and Decred being some of the potential outperformers over the coming weeks.