Zcash News Today: Zcash's Relisting Sparks Crypto's 'Third-Party' Privacy Debate

Zcash (ZEC) surged over 12% to nearly $600 on Nov. 23 after major exchange OKX announced the relisting of the privacy-focused cryptocurrency. The move, which follows a regulatory thaw in the U.S., marks a reversal from OKX's 2023 delisting of ZEC amid compliance concerns. The relisting has reignited debates over privacy coins' role in the crypto ecosystem, with analysts split on whether Zcash's rise could fragment institutional support for Bitcoin or complement it as a privacy layer.

The price rally was driven by OKX's announcement to resume ZEC/USDT spot trading on Nov. 24. Zcash's surge outpaced Bitcoin, which remains below $90,000 despite recent volatility. The token's three-month gain of over 1,100% has pushed its market cap to $9.24 billion, with daily trading volume nearing $2 billion. Analysts attribute the momentum to Zcash's quantum-resistant protocol development and growing institutional interest.

The relisting reflects broader regulatory shifts post-U.S. elections, with the new SEC leadership encouraging platforms to reintegrate privacy protocols. However, the move has sparked philosophical clashes on Wall Street. Eric Balchunas, Bloomberg's senior ETF analyst, warned that Zcash's growth could "split the vote" from Bitcoin at a critical juncture for institutional adoption. He likened the privacy coin to a "third-party candidate" in the crypto landscape, arguing it diverts capital from Bitcoin's unification efforts.

Conversely, asset managers like Jan van Eck of VanEck defend Zcash as a necessary complement to Bitcoin. Van Eck emphasized that privacy is a "growing demand" in the digital economy, with Zcash's encrypted ledger addressing surveillance risks that Bitcoin cannot mitigate. The Winklevoss twins, Gemini co-founders and early Bitcoin adopters, have also endorsed Zcash, launching Cypherpunk Tech to accumulate up to 5% of the circulating ZEC supply. They view Zcash as "encrypted Bitcoin," arguing it serves as a privacy layer for transactions while Bitcoin remains the dominant store of value.

Zcash's developers have proactively addressed long-term risks, including quantum computing threats. Engineer Sean Bowe noted that the network's quantum recoverability protocol-allowing upgrades without halting transactions-positions it to adapt to future cryptographic challenges. This contrasts with Bitcoin's slower governance process, which critics say could hinder its response to emerging threats.

Despite the optimism, skepticism persists. Market analyst Rajat Soni cautioned that Zcash's recent hype may reflect "exit liquidity" strategies, citing fabricated headlines about Fidelity analysts predicting a $100,000 price target. Meanwhile, Bitcoin maximalists dismiss Zcash as a niche asset, with one advocate claiming "Bitcoin maxis only look at Zcash to roll their eyes at it."

OKX's relisting underscores the growing acceptance of privacy protocols in mainstream finance. The exchange cited Zcash's outperformance against Bitcoin and regulatory flexibility as key factors. As the debate between privacy and institutional adoption intensifies, Zcash's trajectory may signal a shift in how crypto narratives evolve in 2026.