Grayscale Analyzes Zcash's Market Share Growth Against Bitcoin

Key Insights:

• Zcash (ZEC) price climbed from $60 to $1,500, yet Grayscale sees room for growth.
• ZEC crypto now equals 1.5% of Bitcoin’s market cap, up from below 0.1%.
• Privacy could help Zcash capture more market share, Grayscale says.

The Zcash price has come a long way since November 2, 2025, when a $100,000 ZEC target from analyst Baron Dominus was drawing attention.

Nearly 11 months later, the debate around Zcash looks less about an eye-catching target. It’s more about something measurable: how much ground the privacy coin can take from Bitcoin.

Grayscale’s September 29 research put that question at the center of its latest Zcash analysis. The firm said Zcash had risen from about $60 to roughly $1,500 over the past year.

ZEC’s market capitalization increased from less than 0.1% of Bitcoin’s to about 1.5%. Grayscale said that shift should not be viewed as a valuation ceiling.

That is a different way to read the Zcash price rally.

Zcash Price Has Moved Faster Than Its Bitcoin Share

The Zcash price move is difficult to miss. From the roughly $60 level cited by Grayscale a year ago to around $1,500, ZEC has gained about 25 times.

Yet its market capitalization is still only around 1.5% of Bitcoin’s. For Grayscale research, that gap matters more than the headline rally.