Zcash just reminded everyone that privacy coins aren’t dead. They were just napping.
ZEC’s market capitalization ballooned by $1 billion in less than 24 hours during a rally that saw the token surge over 30% on May 6, pushing prices near $607. By May 9, ZEC had climbed above $614, landing a total market cap of roughly $10.2 billion and crashing the party of the top 15 crypto assets by capitalization.
Trading volume told the same story, exceeding $1 billion within a single 24-hour window during the peak of the move.
What lit the fuse
The catalyst came on May 5, when Multicoin Capital co-founder Tushar Jain disclosed that his firm had built a “significant position” in ZEC starting back in February. Multicoin isn’t some anonymous fund posting from a burner account. It’s one of the more influential crypto-native investment firms in the space, and when it places a visible bet, the market pays attention.
