Why Is Zcash Rallying Today? Privacy Coins Are Up 90% in a Month and Monero Just Added 13%

Zcash has tripled in value this year while Bitcoin managed a modest 10% gain over the same month, and the forces behind that gap reveal something brewing in the privacy coin sector that most investors have not priced in yet.

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Zcash (CRYPTO:ZEC) trades at $1,505, after a 4.5% rise in 24 hours and an impressive 90% gain in the past month. Year-to-date, Zcash has roughly tripled in value, up about 200%. Its all-time high is around $5,942 from October 2016, according to CoinGecko. While this recent surge isn’t anywhere near its record high, it stands out compared to Bitcoin’s 10% gain during the same month.

Today, most major cryptocurrencies are gaining, driven by a drop in oil prices and short-seller squeezes as Bitcoin surpassed $84,000. Zcash’s 4.5% increase aligns with the broader market trend, but what has contributed to its remarkable 90% rise over the past month?

Paradigm Endorsed Zcash as a Private Complement to Bitcoin on September 16

On September 16, Matt Huang, co-founder of the venture firm Paradigm, announced that the firm holds ZEC and has invested in the Zcash Open Development Lab. He referred to Zcash as “a private complement to Bitcoin.” Following this endorsement, Zcash closed at $1,337, then jumped about 10% to $1,466 the next day and hit $1,566 by September 19, reaching a high of $1,581.