Zcash
Gemini co-founder Tyler Winklevoss has compared the current market sentiment surrounding Zcash (ZEC) to the atmosphere in the cryptocurrency market in 2019, when Bitcoin began recovering from its previous bear market. His remarks come as the privacy-focused cryptocurrency experiences a significant rally, bringing renewed attention to privacy technology as an investment narrative.
The comparison draws on Bitcoin’s recovery following the 2018 bear market. BTC started 2019 at approximately $3,693 before climbing to around $13,000 in late June. It subsequently retraced some of those gains and ended the year near $7,195. Despite the volatility, industry participants continued developing institutional infrastructure, custody services and other components of the digital-asset ecosystem.
Winklevoss’s comparison suggests that Zcash may be attracting renewed interest as investors reconsider the potential role of privacy-focused cryptocurrencies. However, similarities in market sentiment do not establish that ZEC will follow Bitcoin’s historical price trajectory.
Launched in 2016, Zcash uses zero-knowledge proofs to enable transactions to be verified without publicly revealing all transaction details. Its privacy features have attracted support from advocates of financial confidentiality, although privacy-focused cryptocurrencies have also faced regulatory scrutiny and restrictions on some exchanges.
In 2026, Zcash experienced a substantial recovery after a volatile start to the year. According to the figures provided, ZEC began January around $511 before declining sharply. In February, the token fell approximately 27% and briefly traded near $191.
Momentum subsequently shifted. ZEC gained more than 60% in May, reaching a monthly high above $680 before closing near $565. In August, the cryptocurrency climbed approximately 85%, rising from around $457 to $848. The rally continued into September, with ZEC trading above $1,000 early in the month and reaching $1,335.51 on September 16.
Gemini has also maintained a longstanding relationship with the Zcash ecosystem. In 2018, it became the first licensed exchange to offer Zcash trading and custody after receiving approval from the New York State Department of Financial Services.
The exchange later expanded its support for the network. In August 2025, Gemini added support for Zcash Unified Addresses, followed by support for the Orchard privacy protocol three months later. On January 27, 2026, the company introduced a dedicated Zcash credit card.
On September 29, Gemini announced that the infrastructure it uses to interact with the Zcash blockchain now runs on Zakura, an open-source full node written in Rust. The move represents a further technical development in the exchange’s Zcash infrastructure.
Zcash’s rally, renewed interest in privacy and Gemini’s continued integration of the network have placed the cryptocurrency back in focus. Whether the current enthusiasm develops into a longer-lasting market trend will depend on sustained demand, broader adoption and market conditions. Winklevoss’s comparison with 2019 offers a historical perspective, not a guarantee of future price performance.
