Zcash Price Surges Above $585 for the First Time Since November

Zcash price surpasses $585 for first time since November 2025, rising over 70% since May.

The price of the privacy-focused coin Zcash (ZEC) has surpassed the $585 mark for the first time since November 2025. Since the beginning of May, the asset has appreciated by more than 70%.

At the time of writing, the token is trading around $577, marking a 36.6% increase over the past 24 hours. 

ZEC’s market capitalization has neared $10 billion, bringing the asset back into the top 15 largest cryptocurrencies. 

Multicoin’s Accumulation

A key trigger for the rally was a comment from Multicoin Capital co-founder Tushar Jain. He revealed that since February, the company has built a “significant position” in ZEC, viewing Zcash as a “bet on the return of the crypto market to cypherpunk ideals.” 

1/ Multicoin has built a significant position in $ZEC since February.

Zcash is a return to the cypherpunk ideals crypto was founded on.

— Tushar Jain (@tushar_jain) May 5, 2026

According to Jain, the growing political debates around capital control, wealth taxation, and private asset seizure are driving demand for tools that combine censorship resistance with financial privacy.

“Bitcoin is censorship-resistant, but this does not prevent the state from confiscating publicly known reserves through taxes or other mechanisms. Truly private and seizure-resistant assets are becoming increasingly sought after, and ZEC is the purest public way to express this bet,” he wrote.

However, Jain did not disclose the exact amount invested in Zcash. 

The statement marked a shift in Multicoin’s position, which in 2019 described privacy as “a feature of valuable cryptocurrencies, not a standalone product.” At that time, the company argued that users did not need to sell Bitcoin or Ethereum for ZEC. 

Additional Factors Driving ZEC Upward

An additional positive factor was the listing of Zcash on the Robinhood platform at the end of April. The token was made available for spot trading, expanding access for retail investors.

In the cryptocurrency network, there is also a continued structural growth in the supply of coins on fully private addresses (shielded supply). Over the past 12 months, the volume of ZEC in the Orchard pool has risen from 1.92 million to 4.55 million. 

Nearly 30% of the circulating supply is now held in shielded wallets—a historical high. 

The narrative received an additional boost from a forecast by BitMEX co-founder Arthur Hayes. In the long term, he envisions ZEC reaching 10% of Bitcoin’s value. 

Remember the $ZEC target is 10% of $BTC‘s price. We got a lot of pamping to go. pic.twitter.com/t0NXK72aok

— Arthur Hayes (@CryptoHayes) May 6, 2026

Back in January, the entire Zcash development team left Electric Coin Company. 

In February, the team announced the creation of a new entity called Zcash Open Development Lab and the renaming of the flagship wallet Zashi to Zodl.