- Zcash (ZEC) reclaims $700, capping a 1,500% rally since October; reignites the “Bitcoin vs. Privacy” debate.
- ZEC rally backed by fundamentals: on-chain daily transactions have surged 1,300% (peaking at 73,862), and 24-hour volume hit $1.17 billion.
- The Narrative War: High-profile investors (Arthur Hayes, Naval, Winklevoss) and CEOs (Bitwise) are now challenging the “Bitcoin-only” thesis, arguing privacy is a critical feature.
Zcash (ZEC) has reclaimed the $700 level following a fierce debate between Bitcoin maximalists and privacy‑coin supporters. With ZEC jumping more than 1,500% since October, flipping Monero to become the dominant privacy coin by market cap, high-profile supporters like Arthur Hayes forecast a potential $10,000 price target.
Related: Top 3 Privacy Coins to Watch as ZEC’s 10x Rally Signals New Narrative
The Proof: 1,300% On-Chain Transaction Surge
Zcash activity has skyrocketed as the Zcash mainnet processed 44,505 transactions in the past 24 hours, a staggering 1,300% jump from its usual 3,000 daily average before the October rally began. On November 13, on‑chain activity peaked at 73,862 transactions, data shows.
Mainnet trading volume has kept pace, surging to 1.67 million ZEC ($1.17 billion) in 24 hours. The move validates a long-held thesis by investors like Naval Ravikant, who once called Zcash “insurance against Bitcoin” when it traded near $75, highlighting the market’s growing demand for privacy.
The Narrative War: VCs Challenge the Bitcoin-Only Thesis
As ZEC’s 24-hour trading volume jumped 80%, pushing the price from a $598 low to over $700, the rally is challenging the Bitcoin-only narrative. Bitwise CEO Hunter Horsley noted that the “Bitcoin only, everything else is a scam” crowd would struggle to explain ZEC’s explosive performance.
With ZEC flipping Monero to become the world’s largest privacy coin by market cap, now above $11.2 billion, Hayes has confirmed that his family office, Maelstrom, holds Zcash as its second‑largest liquid position after Bitcoin.
This institutional interest is also visible in equities. Leap Therapeutics rebranded to Cypherpunk Technologies, a dedicated Zcash treasury firm backed by Winklevoss Capital, sending its stock soaring 170%.
ZEC Price Analysis: Parabolic Breakout Eyes $1,000
The ZEC weekly chart shows a clean breakout from a multi‑year falling wedge followed by a vertical rally. After clearing resistance at $70, $130, and $190, key Fibonacci extension levels, the price smashed through the 1.618 Fib at $93 and extended far beyond the 4.236 level near $190.
Should momentum continue, ZEC could attempt psychological resistance near $800, followed by $1,000. However, if a correction begins, initial support sits around $500-$550, with deeper retracement potentially retesting the old breakout zone near $190 if market conditions sharply reverse.
Related: Zcash Extends Strong Breakout as Traders Track ZEC/BTC Momentum and Renewed Warnings
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Source: https://coinedition.com/zcash-reclaims-700-price-bitcoin-privacy-debate-heats-up/
