jakiro
In recent days, a strange phenomenon in the market has triggered a lot of discussion: the market has fallen collectively, but privacy coins have collectively surged.
ZEC, DASH, and XMR, the three “old faces” suddenly took off in turn, even exceeding the mainstream currencies.
I checked the data and found that things are more interesting than I thought.
ZEC’s strange trajectory
Let’s look at Zcash (ZEC) first.According to historical data, the performance of this veteran privacy coin in each cycle is a bit “dramatic”:
When the bulls turned into bears in 2017–2018, ZEC went from $48 to $830;
Bullish turns bearish in 2021, ZEC goes from 57 to $386;
Now in 2025, ZEC has risen from $38 to around $550.
The numbers may be slightly different, but the trend is the same: ZEC surges every time at the end of a bull market.
This time is no exception.
Starting in September, privacy coin sectors such as ZEC, DASH, and XMR were suddenly ignited by funds.According to CoinGecko, ZEC has recently reached a maximum of $570, DASH has also returned to three digits, and XMR once exceeded $360.Emotions across the privacy sector have boiled over in just two weeks.
The curse of “Niumin skyrocketing”?
I also asked GROK about it, and its answer was quite heart-wrenching:
“Historically, privacy coins will almost always start a waterfall after a sudden surge, because it cannot inject new liquidity, but accelerates the consumption of the last remaining funds.” This sentence sounds mysterious, but it is actually logical.
The liquidity of privacy coins is limited by supervision and compliance.Many mainstream exchanges have already delisted ZEC and DASH, which means that it is difficult for new funds to enter smoothly.
In other words, when privacy coins are speculated, the influx of funds is often the “final charge” of funds on the market.Once the heat is over, without new buying support, the price will naturally fall like a free fall.
Looking back at historical data, we can indeed find this rhythm: privacy coins are often ignited in the last wave of market highs, and then usher in a rapid correction.
Will it be different this time?
But the question is, has this really turned from bull to bear?I don’t think so, at least it’s too early to draw this conclusion.
First of all, from the overall market perspective, the trends of Bitcoin and Ethereum are relatively stable, and there are no signs of collapse after the main rise.Secondly, the rise of this wave of privacy coins does have some new “narrative support”:
As regulation in various countries tightens and on-chain monitoring intensifies, the demand for privacy is heating up again; the issues of blockchain socialization and data privacy are being re-discussed; even some AI+encryption projects are emphasizing the importance of “data privacy.”
These have given the privacy coin sector a new lease of life.
But having said that, the historical law of privacy coins cannot be ignored: every time emotions are ignited, its trend is stronger than that of mainstream coins; but when the market cools down, its correction is often the most severe.If the story this time still follows the old script, then the current carnival of privacy coins is likely to be the “final fireworks.”
First of all, let me make it clear that I am not a bearish person. I am talking about the facts and the data can be verified by myself. However, the currency circle is determined not to seek the sword. I still think that the national team’s entry into Wall Street will not simply stall. Maybe something good will happen when the lockout is over?
Everyone thinksThe surge in privacy coins is a new beginning or the end of an old cycle?
