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Following
HYPE 
ZEC Zcash (ZEC) performed strongly in 2026, with a single-day gain of nearly 8%
On Wednesday, Zcash ($ZEC), a cryptocurrency that focuses on privacy protection, continued its strong momentum in 2026, trading at nearly US$1,250, an intraday increase of nearly 8%. In the past week, the currency has risen by about 54%, and the increase in the past month has been about 151%, making it rank among the top ten crypto assets by market capitalisation in the world.
ZEC approaches Hyperliquid's ninth place
Currently, Zcash has a market value of approximately US$21.09 billion, ranking 10th in the world, and is gradually approaching the ninth place occupied by Hyperliquid ($HYPE). According to data, Hyperliquid ranks ninth with a real-time market value of approximately US$21.12 billion, and the gap between the two has narrowed significantly as ZEC's gains accelerate.
In the past 24 hours, the trading range for $ZEC has ranged from US$1,146 to US$1,292. Its circulating supply is 16.86 million ZECs, and the upper limit of hardtops is 21 million. This supply structure similar to Bitcoin is believed by analysts to strengthen the scarcity logic that underpins this round of gains.
The core factor driving the rally
$ZEC broke through the US$1,249 barrier in part because Grayscale converted its Zcash trust fund into a spot ETF listed on the Arca section of the New York Stock Exchange. This move removes market barriers that have long prevented institutional participation. In addition, in January 2026, the U.S. Securities and Exchange Commission (SEC)'s nearly two-year investigation into the Zcash Foundation ended with no enforcement action, further alleviating regulatory pressure.
Market data showed that ZEC futures trading volume surged to US$6.38 billion, an increase of more than 113%, and the amount of open contracts rose to US$2.16 billion, reflecting a surge in speculation and hedging activity. Zcash prices have soared by approximately 2,496% over the past year, pushing the privacy sector to become the only crypto segment trading above its 2025 highs.
Similar to Bitcoin, Zcash uses a proof-of-work (PoW) mining mechanism, halving cycles, and a supply cap of 21 million pieces. But its key differentiation advantage lies in its privacy layer, which uses zero-knowledge proof technology to protect transaction data. As the market's demand for financial privacy grows, this feature has become increasingly attractive.
At the same time,$HYPE also has its own positive factors. Hyperliquid is the most active perpetual contract decentralized exchange (DEX) in 2026, with perpetual contract trading volume of approximately US$172.63 billion within 30 days. Whether ZEC can surpass HYPE in the rankings will depend on how these two assets perform in the coming days.
