Zcash (ZEC) Explodes 100% as Privacy Coin Demand Surges Amid Uptober Rally
Zcash (ZEC) has greater than doubled in value prior to now week, as demand for privateness cash climbs throughout the broader “Uptober” rally. The coin jumped from round $50 to over $130 on October 3, reaching $135.54 at its peak, according to CoinGecko.
The newest rally pushed ZEC to its highest stage since April 2022, although it stays almost 96% beneath its 2016 all-time high of $3,193.
Over the previous 24 hours, ZEC gained 21.5%, making it the best-performing digital asset amongst main tokens. On a seven-day foundation, its value has climbed to 133.2%, main the broader privateness coin sector.
The rally has been accompanied by a pointy enhance in exercise, with buying and selling quantity up 1,150% to $292 million. Shielded transactions, Zcash’s signature privateness function, rose 15.5% month-on-month, indicating energetic consumer demand reasonably than purely speculative inflows.
zk-SNARK Momentum Pushes Zcash Market Cap Above $1.8B
Market contributors attribute the transfer to renewed consideration to zk-SNARK technology, the zero-knowledge proof system that underpins Zcash’s shielded transactions. The know-how permits customers to show a transaction occurred with out disclosing particulars such as the sender, recipient, or quantity.
Zcash, initially forked from Bitcoin’s codebase, presents each clear and shielded transactions, interesting to customers who need the choice of privateness in an period of tightening oversight.
The surge additionally coincided with broader discussions round digital surveillance and central financial institution digital currencies (CBDCs).
On X, distinguished entrepreneur Naval Ravikant described Bitcoin as “insurance coverage towards fiat” and Zcash as “insurance coverage towards Bitcoin,” suggesting that ZEC presents safety towards the clear nature of the main cryptocurrency.
Mert Mumtaz, CEO of Helius and a former Coinbase engineer, argued that privateness is non-negotiable as centralized stablecoins and CBDCs develop, calling a crypto ecosystem with out personal cash “a dystopian nightmare.”
Institutional sentiment added to the momentum. Grayscale announced that its Zcash Trust is now open for personal placement, giving accredited traders publicity to the asset in a construction much like its Bitcoin and Ethereum merchandise.
The announcement helped raise confidence amongst conventional traders, with ZEC’s market cap rising from $700 million earlier in September to greater than $1.8 billion.
Zcash’s growth staff has additionally been energetic. The Zcash Foundation just lately laid out an 18-month roadmap that features NU7 upgrades and audits for Zcash Shielded Assets (ZSAs).
These steps are designed to enhance scalability, safety, and interoperability, probably boosting throughput.
Cross-chain integrations such as ZEC swaps on THORSwap have additional prolonged its utility, permitting customers to work together seamlessly with property like Bitcoin and Ethereum in decentralized finance settings.
The rally has elevated consideration throughout the privateness coin sector. Monero (XMR), the biggest privateness coin by market capitalization, traded at $330.12 with weekly positive aspects of 13.6%.
Dash (DASH) rose 61.4% over the previous seven days to $32.95, whereas Beldex (BDX), Decred (DCR), and Zano (ZANO) additionally recorded weekly positive aspects. Even so, Zcash’s outsized transfer and zk-SNARK maturity set it aside from rivals.
At press time, ZEC trades above $130 with a market capitalization of $1.8 billion, making it the 82nd-largest cryptocurrency.
EU to Ban Privacy Coins Under New AML Rules by 2027
The European Union is transferring ahead with a ban on privacy-preserving cryptocurrencies as a part of its new Anti-Money Laundering Regulation (AMLR), which can take impact in 2027.
The guidelines prohibit banks, monetary establishments, and crypto asset service suppliers from dealing with anonymity-enhanced tokens such as Monero and Zcash, as properly as nameless crypto accounts.
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Article 79 of the AMLR explicitly bars the upkeep of nameless accounts or companies that permit transaction anonymization. The framework covers not solely privateness cash but in addition different monetary merchandise designed to obscure possession or transfers.
While the core guidelines are ultimate, regulators are nonetheless engaged on implementation particulars by means of delegated and implementing acts underneath the European Banking Authority.
Dubai has already enacted related restrictions. Its Virtual Assets Regulatory Authority (VARA) outlawed privacy coins in February 2023, barring each issuance and associated actions.
VARA, which oversees all digital asset suppliers within the emirate, outlined anonymity-enhanced tokens as property that block traceability on public ledgers. Firms that fail to conform face fines of as much as AED 50 million ($13.6 million) or a share of annual income.
Globally, privateness instruments stay underneath heavy scrutiny. In the U.S., prosecutors have pursued high-profile instances towards Tornado Cash and Samourai Wallet, accusing their founders of transmitting illicit funds through untraceable mixing services.
The pattern reveals a rising regulatory push to curb anonymity in digital property, even as privateness advocates warn of dangers to monetary freedom.
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