Zcash Soars Ahead of November Halving Amid Privacy Revival

Zcash’s remarkable 30-day rally, which saw the cryptocurrency climb from a low of $54 to around $372, represents one of the market’s most dramatic performances. This surge has positioned Zcash 11.5% higher than its May 8, 2021, closing price of $319, though the asset remains 88% below its all-time high of $3,191.93 set nearly nine years ago. According to Shivam Thakral, CEO of BuyUCoin, Zcash’s rise can be attributed to a ‘perfect storm of catalysts’ including the upcoming November halving, renewed interest in privacy coins amid rising surveillance concerns, and viral price predictions from prominent investors.

The halving event, scheduled for November 18, is expected to slash miner block rewards by half, from 3.125 to 1.5625 ZEC. This supply reduction mechanism has historically been a bullish catalyst for cryptocurrencies, and traders appear to be positioning ahead of the event. The market’s underlying volatility and bullish sentiment were reflected in predictions market Myriad, owned by Decrypt’s parent company DASTAN, where the chance of Zcash hitting $369 was resolved after the token hit a high of $374.4 on Sunday.

The initial breakout in early October was triggered by endorsements from prominent investors including Naval Ravikant and former Coinbase engineer Mert Mumtaz, who now serves as CEO of Helius. These high-profile supporters brought renewed attention to Zcash’s privacy narrative at a time when digital surveillance debates are heating up globally. Thakral noted that ‘privacy is back in focus’ as global regulations tighten, making Zcash’s clear, simple privacy narrative particularly attractive to traders.

Adding fuel to the speculative fire was a viral $10,000 price call from Arthur Hayes, which captured trader imagination and contributed to the momentum. Grayscale’s decision to allow eligible investors to gain exposure to the ZEC token further legitimized the asset and helped push the token’s uptrend in the second half of October. These institutional and influencer endorsements created a powerful narrative that drove liquidity into what Thakral described as an ‘easy, liquid way to express’ the privacy theme.

The renewed interest in privacy tokens has lifted the broader sector, with Monero (XMR) and Dash (DASH) gaining 9.1% and 12.5%, respectively, over the past week as traders rotate into older, anonymity-focused assets. This sector-wide movement suggests a broader market recognition of privacy as a valuable feature in the current regulatory environment. The convergence of speculative hype around the halving and genuine concerns about digital surveillance has created fertile ground for privacy coins to regain relevance.

However, Thakral cautioned that the rally appears to be driven more by speculation than fundamental growth, citing limited increases in ‘shielded transactions’ – the metric that measures actual usage of Zcash’s privacy features. The sustainability of Zcash’s price gains hinges on how miners and investors react post-halving and whether the privacy narrative can sustain real user growth beyond pure speculation. The expert warned of potential ‘sell-the-news reversal’ if the halving fails to catalyze broader adoption beyond short-term trading activity.

As the November 18 halving approaches, the market watches closely to see whether Zcash can translate its speculative momentum into lasting value. The cryptocurrency’s ability to maintain its gains will depend on whether the privacy narrative resonates with actual users rather than just traders, and whether the reduced supply dynamics can support higher prices in a market that remains highly volatile and sentiment-driven.