Zcash (ZEC) has posted double-digit gains, primarily driven by renewed demand for privacy-focused coins, standing out in a downward cryptocurrency market.
As of press time, ZEC was trading at $51.67, up over 10% in the past 24 hours. Over the past month, Zcash has surged more than 40%, pushing its market capitalization to around $860 million, edging closer to the $1 billion milestone.
While most major cryptocurrencies remain under pressure, Zcash’s rally is partly fueled by increased usage of its privacy features.
A key metric supporting this momentum is the total shielded ZEC supply, which rose by 6,484 ZEC on June 1, bringing the total to 3,119,887 ZEC, worth approximately $161.6 million. That’s a $1.26 million increase in shielded transactions in just one day.
Shielded holdings are a core feature enabling private transactions on the Zcash network. It reflects a rising preference for censorship resistance amid potential surveillance and regulatory overreach debates.
The broader privacy coin market cap now stands at $8.8 billion, up 1.3% in the last 24 hours. This contrasts with a crypto market where most assets remain in the red.
Rising demand for privacy tokens
Interestingly, Zcash’s rise comes despite mounting challenges. In April, ZEC was again included in a Binance delisting vote, raising concerns about the exchange’s stance on privacy coins.
ZEC has faced multiple delisting threats across platforms and has even been subject to questionable voting practices, including alleged fraud, prompting pushback from the broader crypto community.
Meanwhile, Monero (XMR), the top privacy coin, has also seen increased buying pressure, even after being delisted from major exchanges like Coinbase.
Amid these headwinds, Monero continues to be the top choice for untraceable transactions, thanks to its advanced privacy technologies.
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