Zcash: Privacy Hits Product Market Fit

Pierce & Pierce Research
November 7, 2025

Zashi UX, post-halving issuance, and 27% shielded supply push ZEC past Monero by market cap

Pierce & Pierce Research
November 7, 2025
Reading Time: 8-9 minutes

Executive Summary

Zcash has broken a 3-year consolidation range ($17-$85) and currently trades at $630 with a $10.3B market cap—54% larger than Monero's $6.7B. The protocol completed its second halving in November 2024. The Zashi wallet made privacy features accessible via mobile-first design. According to ECC transparency reports (November 2025), 27% of supply is now shielded versus 7% in 2017.

Market structure: Price broke above $630-$650 resistance; prior support at $550-$575. Peer-based analysis suggests valuation range of $690-$800 relative to Monero. Technical analysis identifies resistance levels at $800, $1,000, and $1,200. These are analytical observations, not price predictions or targets. Invalidation threshold commonly referenced in technical analysis: weekly close below $350.

Thesis depends on: Continued shielded adoption growth, maintained regulatory positioning, Tachyon development progress. Falsifiability criteria: shielded % stall <25% for one quarter, or major US exchange delisting.