Summary
- ZEC surged nearly 70%% over the past week and has risen more than 1,300%% from a year earlier.
- Investors are pouring money into privacy coins and privacy projects amid concerns over financial surveillance.
- Multicoin Capital's large-scale purchase of Zcash and the rollout of privacy features by Polygon (POL) and Aptos (APT) are boosting interest in related assets.
Forecast Trend Report by Period
Zcash (ZEC) has surged nearly 70% over the past week, as rising concerns about financial surveillance fuel renewed interest in privacy coins.
As of May 8, Zcash was trading at about $573, up roughly 2.7% from a day earlier, according to CoinMarketCap. The token has climbed nearly 65% from a week ago and more than 1,300% from a year earlier.
The market is attributing the rally to growing worries over financial surveillance. Pav Hundal, chief analyst at crypto exchange Swyftx, told Cointelegraph that investors have started turning to privacy-focused projects amid concerns about the impact of artificial intelligence, quantum computing and financial surveillance on the crypto market.
Multicoin Capital's recent moves have also likely added momentum. Tushar Jain, co-founder of the US crypto venture capital firm, recently said Multicoin had made a large purchase of Zcash. He added that institutions will increasingly consider investing more in privacy coins to protect private assets.
Major crypto projects are also rolling out privacy features. Polygon (POL), for example, launched private stablecoin payment functionality on May 3. Aptos (APT) also added "Confidential APT" to its mainnet last month, allowing users to conceal token balances and transfer amounts.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
