- Zcash price plunged 25% within 24 hours, erasing more than $3 billion in market capitalization amid a major sell-off.
- Speculative unwinding and profit-taking triggered the decline.
- ZEC remains under pressure despite reaching a record of 4.96 million shielded coins in circulation.
Zcash has fallen more than 25% over the past 24 hours, dropping below the psychologically important $500 level.
Amid heavy trading that saw daily volume surge by 150%, Zcash slid to a low of $476, wiping out most of the gains from its explosive rally that pushed ZEC up to a peak of $744.
Privacy coins, including Dash, mirrored movements from the sector leader during the sell-off.
Zcash price dives 25% below $500
On November 11, Zcash was trading near $484.
At the time of writing, it had dipped below the $476 low but still reflected a roughly 25% decline from the intraday high above $600.
The drop under $500 and the threat of further downside contrast sharply with the outlook just days earlier, when Zcash surged to $744.
Investors had poured billions into ZEC on hopes the token could reach $1,000, driving trading volumes to unprecedented levels.
The rally reflected a broader altcoin frenzy, with Zcash overtaking established names such as Stellar and Bitcoin Cash in market-cap rankings for a period.
However, as profit-taking accelerated, panic selling pushed daily volume up about 156% to more than $5.14 billion.
On-chain metrics also showed some outflows of shielded ZEC. According to CoinMarketCap, Zcash had a market capitalization of $7.89 billion, while network data indicated shielded coin supply fell from nearly 5 million to roughly 4.84 million.
Zcash price: What’s next?
From a technical perspective, a two-peaked top pattern has formed on the 4-hour chart.
Price is trading below the 50-day exponential moving average, and the RSI hovers near 39, suggesting there may be room for further downside.
Arthur Hayes, a prominent Zcash supporter during recent gains, summed up investor sentiment in a post on X.
To sell, or not to sell, that is the question. $ZEC to $10k or $10 ?????????? 🧐🧐🧐🧐🧐🧐🧐 pic.twitter.com/hOgcx5iILc
— Arthur Hayes (@CryptoHayes) November 11, 2025
At the heart of the turmoil are a mix of speculative unwind, structural events, and external pressure.
Zcash’s rally—from around $40 in early September to nearly $750 by early November—was driven by half-halving expectations, capital rotation, and renewed privacy narratives.
But profit-taking and a reduction of leverage by whales—down from positions of roughly $12 million on November 9—exacerbated the sell-off.
U.S. stimulus expectations, relief over the end of a government shutdown, and renewed ETF-related speculation had placed crypto markets in a stronger position overall.
Bitcoin rallied above $105,000, a move that briefly lifted the largest token and boosted market sentiment.
At the same time, ZEC’s sharp run-up introduced a note of caution across the broader market.
ZEC could regain momentum after the halving if renewed interest in privacy tokens returns.
However, a decisive reversal in Bitcoin could trigger further outflows from the segment and deepen the correction.
In the near term, the key downside area to watch is between $400 and $300.
On the upside, recovery attempts are trying to bounce from the $470 area at the time of writing, while the next EMA resistance sits around $530.94.