Privacy coins are really unable to sit still in this wave of market movement. Taking Zcash as a representative, the entire sector is sending out signals.

From ZEC's performance, after holding the $400 support level on Wednesday, it surged by 10% and is now above $446. Looking back at recent trends, ZEC fell from the high of $454 on Monday, approaching the $400 threshold at one point, but the bulls forcefully halted the decline and then initiated a rebound. As of now, the 24-hour increase has reached 10%, up 45% from the December low. However, from the historical high of $723 in November last year, there is still a 38% upside potential—this gap itself indicates the level of imagination.

Why have privacy coins suddenly become active? There are several noteworthy factors.

First, the privacy narrative is gaining momentum. Industry analysis generally expects privacy to become a key focus in the crypto market by 2026, with even large institutions like Grayscale incorporating privacy into their core focus sectors. From a macro trend perspective, the demand for privacy is indeed being re-priced.

Second, sector effects are evident. Not only ZEC is moving; privacy coins like Monero(XMR), Dash, and Horizen have respectively increased by 3.7%, 4.8%, and 6.4% over the past week, showing a coordinated upward trend across the sector. This collective rise often indicates that the sector's enthusiasm is building.

Another detail—on-chain data from Zcash shows that the proportion of shielded transactions is continuously increasing, indicating that actual usage demand is genuinely rising rather than being purely driven by speculation. This is the most noteworthy aspect.