Zcash has been on a remarkable run in the past week, surging an impressive 65% according to CoinMarketCap data. This significant price increase has catapulted Zcash past Cardano's market capitalization, securing its position as the 11th largest cryptocurrency by market value with a valuation of $9.824 billion.
The recent success of Zcash can be attributed in part to Multicoin Capital's disclosure of a 'significant' position in the privacy coin. The prominent crypto fund has been building up its stake since February, highlighting the potential benefits of shielded transactions against increased government efforts to audit and tax visible crypto holdings.
As the market continues to watch Zcash's performance closely, analysts are keeping a close eye on the token's next move. If the current trend sustains, Zcash may face resistance at the $600-$650 range, where it consolidated through late 2024. On the other hand, if Cardano manages to surpass Zcash's market capitalization, it could flip its position in the rankings.