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But we saved everything 🙂.
Why is Zcash up today (October 2)?
On October 2, privacy token Zcash surged by more than 60%, reaching a three-year high of $158. This rally was fueled by the recent launch of the Grayscale Zcash Trust (ZCSH), which allows accredited investors to gain exposure to the token without directly holding it. In addition, several crypto industry experts highlighted Zcash’s advantages over Bitcoin in social media discussions.
In October 2016, Zcash traded as high as nearly $5,942. Today, it remains 97% below its all-time high. Nevertheless, the privacy token is back in the spotlight and has become one of the most dynamic altcoins in recent days. Over the past week, it gained nearly 135%, with its October 2 peak of $158 marking the highest price since 2022.
Zcash price dynamics over the past 24 hours. Source: CoinMarketCap
The rally came amid commentary from crypto market analysts on X, who suggested that Zcash is recovering as it serves as protection against malicious Bitcoin users. Some observers argue that governments and bad actors can easily track Bitcoin users due to its transparency, while Zcash could provide a safer alternative.
Crypto entrepreneur and AngelList founder Naval Ravikant noted: “Bitcoin is insurance against fiat money, and Zcash is insurance against Bitcoin.” Meanwhile, former Coinbase engineer and current Helius CEO Mert Mumtaz added that the token is gaining traction as “CBDC and centralized coin development accelerates.”
Is Zcash an alternative to Bitcoin?
The hype surrounding Zcash pushed it from the 90s into the 60s among the top 100 cryptocurrencies by market cap. Its daily trading volume jumped 217%. However, early research indicates that while Zcash transactions are protected with zero-knowledge proofs, more than 99% of ZEC transactions remain transparent — raising questions about its true reputation as a privacy coin.
As we wrote, Dark stablecoins: A side effect of governmental control
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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