Has Zcash (ZEC) Crossed From Comeback Story to Crypto Bubble?

Zcash (ZEC) has experienced one of the strongest rallies lately, rising 790% since October and outpacing all the top 10 cryptocurrencies in gains.

However, amid this bull run, skepticism abounds, with many questioning whether the ZEC rally represents a bubble that may soon burst.

Zcash Bulls vs. Bears: Is the Privacy Coin’s Comeback Built to Last?

Zcash has emerged as one of the most talked-about assets in the crypto space. Its price rally has propelled it to multi-year highs, defying the broader market downturn.

ZEC currently ranks as the top-performing coin over the past 90 days. At press time, it was trading at $627, up more than 3% over the past day.

Zcash (ZEC) Price Performance. Source: BeInCrypto Markets

However, not everyone is convinced of Zcash’s potential. Some critics argue that the recent rally was primarily driven by KOLs’ (Key Opinion Leaders) shilling.

“The recent move in ZEC from 265 dollars to now is entirely driven by the noise from Arthur Hayes and Ansem, who probably started pumping ZEC out of nowhere over the past three weeks. They’re clearly shilling the top,”an analyst claimed.

Furthermore, traders have voiced concerns about parabolic price action, noting that such vertical moves often precede sharp corrections. Many are also betting against further price increases in the derivatives market.

“I’m bullish on the privacy thesis, but parabolic charts rarely sustain in the short run without a meaningful retrace. Too much short-term FOMO imo,” a trader stated.

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— crypto bullet 📈 (@SilverBulletBTC) November 9, 2025

Prediction markets reflect shifting sentiment. On Polymarket, the odds of ZEC reaching $1,000 by December fell from 50% to 37%. This signals doubt among traders regarding sustainability.

What’s Driving Zcash in 2025?

Nonetheless, experts argue that Zcash’s rally is supported by strong fundamentals rather than pure speculation. Nansen Analyst Jake Kennis told BeInCrypto that the cryptocurrency’s surge to an eight-year high has been driven by multiple factors, including the growing recognition of privacy as a necessity rather than a feature.

“On the technical front, Zcash’s zero-knowledge architecture, the Zashi wallet enabling shielded transfers, and Solana integration all improve usability and accessibility…..The renewed attention and positive price action has brought in renewed attention from high-profile figures like Arthur Hayes and Barry Silbert. After years of underperformance, ZEC’s resurgence has attracted fresh capital flows,” he commented.

The analyst added that Zcash’s Bitcoin-like tokenomics, combined with its zk-SNARK-enabled privacy, position it as an “encrypted Bitcoin.” Forecasts from market watchers have also added to the bullish momentum. Many believe that ZEC could reach $1,000 in 2025, despite skeptics anticipating a potential price correction.

“You just can’t fade the fact that is going to be the fastest token to $100 BILLION market cap. Dont fade privacy coins,” a market analyst predicted.

As November progresses, whether Zcash can sustain its explosive gains or face a sharp correction remains uncertain. The contrasting forecasts highlight a deep divide in market sentiment — and the coming weeks will reveal whether the bulls or the bears will have the upper hand.