Zcash (ZEC) surged past the $400 mark for the first time since late January, reaching a high of $424 on May 3. The privacy coin’s rally accelerated in the final hours of Sunday trading, outpacing most major cryptocurrencies. According to market data, ZEC climbed roughly 8% in 24 hours and extended its weekly gain to nearly 17%. The move pushed its market capitalization close to $7 billion, narrowing the gap with rival privacy coin Monero (XMR).
Industry heavyweights fuel the rally
The sudden price spike appears to be driven by renewed endorsement from influential figures. Barry Silbert, founder of Digital Currency Group and chairman of Grayscale, posted on X that Zcash will benefit from the growing realization that Bitcoin is not truly private. He drew a parallel to 2015, saying people then had no clue about the massive demand for Bitcoin as a store of value, and that Zcash now has the advantage of knowing better. A day earlier, Silbert commented on Brazil’s ban of crypto for cross-border payments, arguing that such a ban is impossible on a cryptocurrency “you can’t see.”
Raoul Pal, founder of Global Macro Investor, joined the conversation by calling Zcash Bitcoin’s “younger sibling,” implying it could inherit some of Bitcoin’s monetary properties while adding privacy. YouTube influencer Jesus Martinez went further, stating “Zcash will do what Bitcoin couldn’t do.”
Short sellers hit hard
The price surge triggered a cascade of liquidations. Over $10.6 million worth of short positions were wiped out in 24 hours, including a single largest liquidation of $1.1 million. In contrast, long liquidations totaled less than $900,000, bringing overall liquidations to $11.5 million. The heavy short squeeze likely amplified the upward momentum.
Technical rebound from yearly low
ZEC’s current rally marks a sharp recovery from its year-to-date low of under $200 on March 8. Since then, the coin has more than doubled, surging over 100%. While Monero had overtaken ZEC as the largest privacy coin by market cap earlier in 2026, Zcash is now closing the gap. Analysts suggest that if privacy regulations tighten, Zcash’s opt-in transparent audit feature could become a key differentiator. However, sustaining the $400 level and challenging $500 will require continued volume and broader market support.