Crypto: Zcash and Monero Gain $24.5B in Five Months

In the crypto market, privacy coins are making one of the most spectacular comebacks. According to Glassnode data, the market capitalization of this segment rose from 11.97 billion dollars to 36.51 billion dollars in just five months. Zcash and Monero account for the bulk of this increase with an estimated valuation of 24.5 billion dollars. A figure that astonishes, especially knowing that the rest of the crypto assets have been struggling for months!

The Privacy Coin Sector Tripled in 5 Months

According to archived data from CoinGecko, the privacy coin market was valued at 11.97 billion dollars on April 9, 2026. On Thursday, September 24, 2026, this same segment weighs 36.51 billion dollars. This represents a jump of about 205% in five months. Two crypto assets account for most of this movement: Zcash and Monero.

ZEC saw its market cap climb by 20.27 billion dollars. The price of this cryptocurrency went from $319 to $1,507 over the period. At the time of writing, it trades around $1,540. It shows an increase of over 3% in the last 24 hours.

For its part, the XMR token shows more modest growth with:

• an estimated market capitalization of 4.33 billion dollars;
• a price growing from $330 to $555.

Other crypto assets in the sector show gains, but nothing comparable to the scale of these two movements. Together, Zcash and Monero represent nearly all of the 24.54 billion dollars gained by the privacy coin segment.

Why Is Crypto Privacy Coming Back to the Forefront?

The answer lies in two words: blockchain surveillance and privacy. In 2025, illicit cryptocurrency transfers exceeded 154 billion dollars. They involved sanctioned actors like North Korea, Iran, or Russia. Faced with this reality, several governments and companies tightened surveillance of public blockchains in 2026.

Most of the major crypto networks remain fully auditable. This is notably the case for Bitcoin and Ethereum. Every transaction is traceable, as well as balances and movements. For a growing share of crypto investors, this transparency is a risk. According to them, financial freedom erodes when every payment can be scrutinized, restricted or punished.

Zcash and Monero offer an alternative. Their protocols make tracking flows extremely difficult, if not impossible.

• ZEC uses zk-SNARKs (zero-knowledge proofs).
• XMR relies on Ring Signatures and Stealth Addresses.

Result: a crypto that truly protects the anonymity of its users.

The Second Driver Behind Zcash and Monero’s Rise Is Regulatory and Institutional

In January 2026, the SEC officially closed its investigation on the Zcash Foundation without recommending prosecution. This sends a strong signal for a sector long perceived as toxic by crypto regulators.

On August 25, Grayscale converted its Zcash Trust into a spot crypto ETF: the ZCSH. It is listed on NYSE Arca. This is the first ETF on a confidential crypto in the United States. Thirteen days later (on September 8, 2026, to be exact), Digital Currency Group (DCG) traded about 100 million dollars of ZEC for shares of the ZCSH. A gesture that looks like an institutional vote of confidence!

The Other Side of the Crypto Coin: Chun Wang Calls the Rise a “Narrative Bid”

F2Pool co-founder Chun Wang describes the current dynamics of the privacy coin market as a rise driven by narrative rather than actual use. In a tweet dated September 8, 2026, he stated:

A large market capitalization doesn’t mean a crypto asset earned its place.

More explicitly, Wang points to structural weaknesses in the Zcash crypto protocol. This includes:

• the initial Founders’ Reward;
• governance conflicts;
• a vulnerability disclosed in May in the Orchard privacy pool.

His sharpest argument concerns the very nature of the crypto:

A currency whose private supply cannot be verified like bitcoin’s, and that needed an emergency fix after a four-year bug, is not “hard money.”

His analysis thus raises an important question: is crypto privacy truly a sustainable investment, or is it simply the most powerful narrative right now in a market lacking catalysts?

Crypto: What Scenarios for the Privacy Coin Market?

Several crypto analysts believe that the success of the ZCSH ETF could pave the way for similar crypto products on Monero or other privacy coins. This would force the SEC to rule on potentially more delicate cases.

Other experts think that growing institutional participation might create pressure for viewing keys or integrated compliance tools. Such a shift would create a philosophical fault line within the privacy coin ecosystem itself.

In any case, this gain of 24.5 billion dollars repositions crypto privacy at the center of the financial game. It remains to be seen whether this growth will be accompanied by a regulatory evolution compatible with their DNA. The answer could define the future of the entire crypto market. To be continued…