The privacy-coin market grew from roughly $11.97 billion on April 9 to $36.51 billion by September 24, 2026, an increase of about $24.54 billion, or 205%. Zcash drove most of the expansion, adding approximately $20.27 billion as its price rose from about $319 to $1,507, while Monero contributed about $4.33 billion as its price increased from around $330 to $555. Separately, Grayscale said Zcash’s market capitalization rose from less than 0.1% of Bitcoin’s to about 1.5% over twelve months, with ZEC increasing from approximately $60 to around $1,500. Grayscale Research Head Zach Pandl linked the advance to demand for financial privacy as digital transactions become more readily analyzed. Pandl said Zcash’s current share of Bitcoin’s market capitalization was not unprecedented, citing XRP, Bitcoin Cash, Litecoin and Dash, each of which exceeded 3% in 2017 or 2018. Gemini co-founder Tyler Winklevoss said sentiment around Zcash resembled the market environment in 2019, when interest in Bitcoin strengthened after the 2018 bear market. Grayscale’s ZCSH product began trading on NYSE Arca on August 25 after converting the firm’s Zcash Trust, which dates to 2017. The ETF reached roughly $1 billion in assets by September 24 and recorded about $306 million in cumulative net inflows, while 21Shares launched a physically backed Zcash ETP in Europe.