Privacy Is the Only Crypto Sector Trading Above Bitcoin’s October Peak

Quick Take

1. Privacy is the only crypto sector trading above its level at Bitcoin’s October 2025 all-time high, up 213% per Glassnode data, while Bitcoin itself sits 36% below that peak.

2. The sector’s market capitalization has grown from $7.1 billion a year ago to $33.6 billion, with nearly half of that added in the past 30 days.

3. Concentration is the caveat: Zcash accounts for most of the gain, and Monero at $505.68 is roughly flat on the week while ZEC ran 47%.

More than 335 days after Bitcoin’s October 2025 peak, one crypto sector is trading above where it stood at the top. Privacy coins are up 213% since that high, according to Glassnode data, while every other category remains below it, ranging from DeFi at 27% lower to gaming at 74% lower. Bitcoin is 36% below its own record and the median top-200 asset is down 58%.

This site began tracking the privacy rotation on July 8, when Zcash traded at $469.57 and was the only large-cap rising against a falling market. What was then an anomaly in one token has become the defining sector trade of 2026.

What is driving the privacy coin rally?

Regulated access, a supply story, and a rotation that fed on itself.

Regulated access came first. For a decade, privacy assets were removed from regulated venues rather than added to them. Grayscale’s spot Zcash product listed on NYSE Arca on August 25 and has gathered roughly $463 million in assets since. That is a structural change in who can hold the asset, not a sentiment shift.