Zcash has climbed more than 120% this year, making it the strongest-performing major token as most crypto assets declined. The privacy coin also reached a record high against Bitcoin, Bloomberg reported. The rally has been linked to demand for Zcash's optional shielded address feature, which enables transaction privacy while addressing compliance needs. Additional support came from comments by early supporter Naval Ravikant, increased holdings by Winklevoss-backed Cypherpunk Technologies, and miners moving into Zcash mining and retaining the coins. Buying was further amplified after Solana memecoin ZCAT distributed Zcash rewards to large holders and Grayscale launched the first Zcash ETF in the U.S.