Breaking resistance levels dating back to June 2022, the privacy-oriented cryptocurrency Zcash (ZEC) has been one of the biggest surprises this week.

Driven by strong technicals and notable ecosystem developments, such as the THORSwap debut, the asset has soared nearly 150% over the past seven days, trading at $147.89 at the time of writing. 

However, the rally also comes amid intensifying debates over financial surveillance and digital IDs, as evidenced by Google searches for “privacy coins” climbing to record highs.

Seizing on the opportunity to boost the asset further, Naval Ravikant, a well-known entrepreneur, investor, and crypto enthusiast, stated in an October 1 post on X that Bitcoin (BTC) is insurance against fiat, while ZCash is, in turn, insurance against Bitcoin, alluding to ZEC’s role as a digital shield.

Namely, originally derived from Bitcoin’s codebase, Zcash comes with its signature SNARKs technology that helps protect transaction information, a feature likely to prove indispensable in the months to come if surveillance in the industry ramps up.

As of now, nearly 20% of the ZEC supply is locked in a fully encrypted privacy pool. 

Zcash momentum still strong

Ravikant’s comments greatly boosted ZEC, helping it climb to nearly $100 yesterday, its highest price in over a year at the time. 

Of course, the coin is still way below its cycle peak of about $320, leaving a lot of room for speculation.

Still, Ravikant’s support positions the crypto as not just a speculative altcoin but also a potential hedge. Should the momentum continue, Zcash could become a pivotal privacy asset.

The market is now eagerly awaiting new U.S. government shutdown updates, which might be another reason behind amplified fears of regulatory overreach and growing demand for alternative, security-first investments.

Prolonged uncertainty and delays on Washington’s part could very well extend ZEC’s rally.

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