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Capital is concentrating in a few narrow corners of the crypto market. Privacy coins such as Zcash (ZEC) and Monero (XMR) are leading gains, alongside rebounds in PEPE and M, while Bitcoin and Ethereum remain relatively quiet. Analysts say this targeted surge reveals a major shift in trader strategy as capital bypasses top-cap assets.
Zcash Climbs Into the Top 10 by Market Cap
According to data from Kaiko, privacy coin Zcash (ZEC) has pulled off an unprecedented run from crypto’s fringes straight into the top 10 digital assets by market capitalization, which now stands at roughly $21.4 billion.
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CoinGecko data shows ZEC has gained about 2,076% since January 1, 2025, and rose from around $400 to above $1,680 over the past three months.
Demand picked up around August 25, when Grayscale launched its spot ZEC ETF. Daily spot volume nearly tripled.
Monero has followed a similar path, climbing 17% over seven days on protocol upgrades and renewed interest in privacy assets. On Tuesday, October 20, XMR reached $626. It failed to hold that level on October 21 as traders took profits, falling more than 8% to $572.
Whales Open $37.57 Million in Leveraged ZEC Long Positions
Two large traders opened 10x leveraged long positions totaling 29,798 ZEC, valued at approximately $37.57 million, over a 15-hour period, according to on-chain tracking service Lookonchain.
Memecoins Rebound While Bitcoin and Ethereum Lag
Apart from privacy coins like ZEC and XMR rising lately, memecoins also advanced, with PEPE rising 9% and M gaining 14% over the same 24-hour period, according to crypto analytics firm Santiment.
In a post on X, Santiment cited Monero’s privacy upgrades and planned Zcash network improvements as factors drawing attention to privacy-focused cryptocurrencies. The firm also noted that meme coins are seeing sharp speculative rebounds after recent selling.
Santiment noted that price increases were concentrated in specific cryptocurrency segments, while many larger digital assets showed limited movement.
Major coins traded in narrow ranges over recent days. Bitcoin slipped 0.8% over seven days and sits just above $83,000. Ethereum fell 2.5% on the week and trades near $2,450.
Why This Matters
Gains concentrated in a few tokens, with Bitcoin and Ethereum flat, differ from a broad altseason. Traders face higher volatility and risk in these segments.
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