Zcash jumped more than 17% in six hours on May 20, hitting a fresh year-to-date high and pushing its monthly gains past 90%. The rally lifted ZEC's market capitalization above $11 billion, nudging Monero out of the lead among privacy-focused cryptocurrencies.
A 90% Month for ZEC
The move accelerated through the afternoon, with ZEC climbing from around $240 to over $280 before settling. Traders on Binance and Kraken saw volume spike as buy orders piled in. The 90% monthly gain marks one of the steepest rises for any major coin this year, though it comes with a warning from analysts who say the rally may not be organic.
Market Cap Milestone
Zcash's market cap now sits at roughly $11.3 billion, according to CoinGecko data. That tops Monero's $10.8 billion — a switch in the pecking order for the two coins that compete on privacy features. Monero had held the top spot for most of 2024. Zcash's climb began in mid-April and accelerated sharply in the past week.
Liquidation Wave
The rapid price action triggered roughly $28 million in liquidations across exchanges. Most of that came from short positions — traders who bet ZEC would fall and were forced to buy back at higher prices. The cascade of buy orders may have amplified the surge, analysts noted.
Manipulation Concerns
Several market analysts warned that the rally bears hallmarks of a coordinated squeeze. They pointed to the concentrated volume and the speed of the move as signs that a small group of traders could be driving the price up deliberately. No exchange or regulator has announced an investigation, and the analysts spoke on condition of anonymity given the sensitivity of the matter. The question now is whether ZEC can hold its new levels — or whether the squeeze, if that's what it is, will unwind as quickly as it started.
