Zcash surges 40% to $600, briefly overtakes Monero

Zcash rose more than 40% to a peak of $600 on May 6, briefly pushing its market capitalization to about $10 billion and overtaking Monero by market value.

The token started the month near $350. A late-evening run on May 5 sent ZEC from roughly $430 to $520 in about two hours. Prices settled around $541 into the early hours of May 6 before a second wave lifted the token to $600. The two-day move produced 24-hour gains above 40% and weekly gains near 80%. Exchange data show nearly $44 million in short positions were liquidated within 12 hours and about $59 million were wiped out over 24 hours.

Investment firm Multicoin Capital disclosed it had built a sizable ZEC position, citing a return to the cypherpunk philosophy and concern about a proposed California bill on wealth confiscation that it said highlighted demand for seizure-resistant assets. Multicoin co-founder Tushar Jain wrote, “We believe that truly private, censorship and seizure-resistant assets have a clear product-market fit and demand is accelerating. We believe ZEC is the cleanest way to express this thesis in public markets.” Listings that increase retail access, including a recent Robinhood listing, along with endorsements from prominent market figures, were also cited by market participants as buying catalysts.

Some analysts cautioned the rally may reflect speculative momentum rather than increased on-chain use. Zcash’s shielded supply — the share of coins moved using transactions that hide sender, recipient and amount — rose to an all-time high above 31%. Market participants warned that a higher shielded share can allow large, opaque trades that do not appear on public order books and could create liquidity stress on transparent exchanges. In April, Foundry Digital launched a Zcash pool and Zcashinfo.com explorer for institutional miners.

The 2026 surge mirrors a rally seen in late 2025 and brings ZEC within range of its 2025 peak, which was just over $740. Market commentators noted that sustained momentum could lead the token to test or exceed that prior high.

Zcash offers optional shielded transactions using zero-knowledge proofs, allowing users to conceal transaction details when they choose. Supporters say optional shielding can balance privacy and regulatory needs. Critics point to risks of misuse and reduced on-exchange liquidity when a growing share of supply is moved out of public view.

Traders and analysts remain divided on whether the price action reflects durable demand or a short-term speculative run.