Zcash (ZEC) surged by 43% in a single day, reaching a new year-to-date high above $600, as a confluence of catalysts drove one of the strongest rallies among large-cap cryptocurrencies. The move was primarily fueled by a disclosure from Tushar Jain, co-founder of Multicoin Capital, that the firm had accumulated a significant position in ZEC since February.
Jain outlined a thesis centered on privacy, censorship resistance, and protection against potential wealth taxes. He argued that Bitcoin, while censorship-resistant, does not shield users from government tracking due to its transparent ledger. In contrast, Zcash's shielded transactions hide sender, receiver, and amounts, aligning with the original cypherpunk vision. "Multicoin has built a significant position in $ZEC since February," Jain wrote. "Zcash is a return to the cypherpunk ideals crypto was founded on." He also pointed to proposed wealth seizures in California as a warning, stating that demand for private assets would accelerate if political trends continue.
Adding to the momentum, Robinhood listed ZEC in late April, opening trading to more than 10 million retail users. Since then, Zcash has gained over 40% in 30 days. On-chain metrics show nearly 30% of the circulating supply—about 5.18 million ZEC—is locked in shielded pools, reducing liquid supply. Trading volume exploded to $1.6 billion, a 71% jump, with liquidations wiping out $57.7 million, including $55 million from short sellers. This short squeeze further propelled prices.
Prominent figures like macro investor Raoul Pal called Zcash "the younger sibling of Bitcoin," while trader Jesus Martinez claimed it would "do what Bitcoin couldn't." From a technical perspective, analyst Captain Faibik noted a breakout from a long-term downward channel near $490, projecting a potential rise toward $1,280 if bullish momentum persists.
