ZEC’s market cap simply reached $20 billion, surpassing the likes of HYPE and DOGE.
It was simply three months in the past that FUD round Zcash (ZEC) was working rampant, and a vulnerability in its Orchard privateness pool turned the tables and raised some uncomfortable questions.
The state of affairs has taken a serious flip, because the protocol patched the problem, and its privateness nature made it arguably the highest performer within the large-cap altcoin area previously three months.
The Meteoric Rise
Recall that the problem was first disclosed by Zcash founder Zooko Wilcox and members of Shielded Labs, who defined {that a} hacker may have used this weak spot to make countless faux ZEC in Orchard, Zcash’s protected transaction space, with out getting caught straight away. Though by the point they made this public, the vulnerability was mounted, it nonetheless pushed some distinguished names, resembling Arthur Hayes, to dispose of their holdings, citing additional potential points.
The impression on the native token was felt instantly. The asset traded at $650 earlier than the problem turned public and tumbled by 60% inside a day or so to $260 as FUD was being unfold left and proper.
That’s when the development reversed for the privateness coin because it managed to stabilize at round $500, the place it spent the following couple of months. Essentially the most vital leg up started with the August 19 market-wide breakout that drove it to $900. Whereas the remainder of the market stalled following the preliminary beneficial properties, ZEC saved climbing and briefly exceeded $1,200 earlier right now for the primary time in nearly 10 years.
Which means the token has skyrocketed by 370% because the early June low. Its market cap now could be above $20 billion, making it larger than HYPE and DOGE.
Information from CoinGlass exhibits that ZEC’s spectacular surge over the previous 24 hours has resulted in $46 million briefly liquidations, the best amongst all cryptocurrencies.
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The Drivers and What’s Subsequent
Shortly after the mid-August rally started, Grayscale debuted its Zcash ETF (on August 25), which has already raked in $34.4 million in web inflows.
“The larger query isn’t whether or not Zcash can maintain going up. It’s whether or not the ETF period is creating a brand new pathway for capital to rotate into crypto property that had been beforehand missed. ZEC could also be an early check of that thesis,” commented The Wolf of All Streets.
In the meantime, Ted Pillows famous {that a} main whale DCA-ed into ZEC between 2022 and 2024, accumulating 22,840 ZEC for about $1.1 million. The place had grown to $23 million by right now, after they transferred the whole quantity to Binance, doubtlessly to money in.
Crypto Patel weighed in on ZEC’s value potential, indicating that it has created a “Stunning Cup & Deal with Sample” on the weekly scale. He added that the asset has damaged the Neckline/Resistance of this sample, which may materialize in one other huge surge to $2,200.
As Per $ZEC Chart, you’ll be able to see a Stunning Cup & Deal with Sample fashioned on the Weekly Timeframe.@Zcash has already damaged the Neckline/Resistance of this sample, and if the sample follows the 100% goal, the goal may very well be round $2,200.
Little doubt, Cup & Deal with is a powerful… pic.twitter.com/Eys4EivIHQ
— Crypto Patel (@CryptoPatel) September 6, 2026
