Zcash has posted strong gains this year, with the privacy-focused cryptocurrency rising 699% since the start of January. The token currently trades at $385.81, according to CoinMarketCap data.
However, macro investor Raoul Pal cautions that the recent price movement may reflect capital rotation within the crypto market rather than the start of a lasting uptrend. Pal, who founded Real Vision, shared his views on the “When Shift Happens” podcast on Thursday.
“We can’t prove it until the whole market goes up and it continues to trend and not a rotation,” Pal said. “Right now it’s confirming the rotation thesis.”
The token’s momentum has slowed in recent weeks. Over the past 30 days, Zcash has declined approximately 37% from its recent highs.
Pal indicated he is watching for Zcash to establish a stable price floor before considering a purchase. “What you want to see is whether it finds a base and then starts pulling up again,” he explained.
Zcash saw a sharp 30% gain in 24 hours on October 26 after crypto entrepreneur Arthur Hayes suggested the token could eventually reach $10,000. The prediction came as interest in privacy-focused cryptocurrencies increased.
To sell, or not to sell, that is the question. $ZEC to $10k or $10 ??????????
pic.twitter.com/hOgcx5iILc
— Arthur Hayes (@CryptoHayes) November 11, 2025
The token’s market capitalization grew from under $1 billion in August to over $7 billion by early November. This growth occurred even as the broader crypto market faced downward pressure.
Privacy coins have gained attention as more crypto users prioritize anonymity in their transactions. Crypto exchange XT Exchange noted this trend in a statement on November 9.
Grayscale Investments filed with the US Securities and Exchange Commission on November 27 to convert its Zcash fund into a spot ETF. The move follows similar filings for Bitcoin, Ether, Dogecoin and XRP.
JUST IN: GRAYSCALE files to launch the FIRST-EVER ZCASH ETF. pic.twitter.com/47SHz3e8C9
— Coin Bureau (@coinbureau) November 26, 2025
Zcash differs from other privacy coins through its dual transaction system. The cryptocurrency supports both transparent and shielded wallet addresses. This design allows some transactions to remain public while others stay private.
The token uses zk-SNARKs, a type of cryptographic proof that validates transactions without revealing sender, receiver or amount information. Users can also share specific transaction details with third parties like regulators when needed.
This flexibility may give Zcash an advantage over competitors. Monero, another privacy coin, hides all transaction details by default with no option for auditing. This has led to delistings from major exchanges.
Zcash has seen some success in getting relisted on exchanges recently. Smaller privacy tokens like Dash have faced similar delisting challenges without the same recovery.
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