ZEC Price Up 0.39% as OKX Relists Privacy Coin

On November 23, 2025, ZEC (Zcash) rose by 0.39% within 24 hours to reach $571.9, despite a 8.01% drop over the previous week. Over the last month and year, ZEC has surged by 42.14% and 922.13%, respectively. These price movements have been driven by recent strategic developments involving major exchanges and whale activity.

OKX Relists ZEC for Spot Trading

One of the most significant drivers of ZEC’s recent performance is the relisting of the asset on OKX, a major offshore exchange with a large user base in the Chinese-speaking market. OKX officially announced the relisting of Zcash on its Chinese domain on November 23, 2025. ZEC/USDT spot trading commenced at 20:00 (UTC+8) the same day, with deposit and withdrawal operations also activated. This marks a reversal of OKX’s earlier decision to delist ZEC and other privacy coins in early 2024 due to low activity and user feedback.

The relisting was accompanied by a 12% surge in ZEC’s price on the day of the announcement, with ZEC trading at $574.58 at the peak. The 24-hour trading volume for ZEC spiked to $1.96 billion, a 35.67% increase from the previous day, underscoring renewed investor interest in the privacy-focused cryptocurrency.

Growing Institutional and Analyst Confidence

ZEC’s recent momentum has been further fueled by growing institutional interest and positive analyst commentary. Notably, influential crypto commentator Naval Ravikant highlighted ZEC in October 2025, comparing it favorably to Bitcoin and sparking a significant price increase. Additionally, analyst Ali Martinez has projected a price target of $750 for ZEC in the near term, citing improved fundamentals and renewed demand for privacy-based solutions.

The Electric Coin Company, which oversees the Zcash protocol, also released an updated roadmap in Q4 2025 that emphasized the development of enhanced privacy tools. This strategic direction has been viewed favorably by investors seeking long-term growth potential in the privacy coin sector.

Whale Activity Reflects Market Uncertainty

While the overall sentiment appears bullish, whale activity suggests a mixed market outlook. On November 23, a large address reduced its short position in ZEC by 2.6 million coins. However, the overall unrealized loss for ZEC shorts increased to $4.05 million. Meanwhile, another whale closed a long position in ZEC for a $846,000 loss and simultaneously entered a 5x short position in ZEC worth $2.66 million while taking a 20x leveraged long position in BTC. These moves highlight the ongoing volatility and uncertainty in the ZEC market.

ZEC’s Role in the Privacy Coin Market

Zcash remains the most prominent privacy coin in the market. With a current market capitalization of $9.24 billion, it accounts for a significant portion of the $59.6 billion total market cap for the privacy coin category. ZEC’s return to OKX has been interpreted as a sign of broader market confidence in the sector, with Zcash seeing over a 1,100% rise in the past three months.

The privacy coin market continues to evolve, with Zcash benefiting from its strategic relisting and improved fundamentals. While short-term volatility persists, the combination of institutional interest, a bullish roadmap, and renewed exchange support positions ZEC for continued growth in the medium to long term.