Grayscale has grouped Bitcoin, Litecoin, XRP and Zcash in its crypto “currency” category, pointing to potential demand for private digital payments as a possible growth driver for Zcash. Research head Zach Pandl said Zcash could gradually capture some of the market share Bitcoin holds if demand for privacy-focused payments increases. But ZEC has already climbed sharply over the past year, and Grayscale’s valuation scenario is not a price forecast.
Bitcoin accounts for nearly 90% of the category
Grayscale’s currency category covers about 15 cryptocurrencies with a combined market value of roughly $1.6 trillion. Bitcoin makes up about 90% of that total. Litecoin and XRP have long promoted faster or lower-cost payments, but neither has significantly challenged Bitcoin’s dominance. XRP is one of the larger crypto assets by market value, yet its capitalization remains a small fraction of Bitcoin’s.
Zcash’s distinguishing feature is its support for private transactions. Unlike the generally public transaction records associated with Bitcoin, XRP and Litecoin, Zcash lets users shield transaction amounts and wallet information. Whether that capability can sustain demand is central to Grayscale’s view of Zcash’s growth potential.
Shielded transactions and Zcash’s valuation draw attention
Zcash uses a zero-knowledge proof technology called zk-SNARKs. By mid-2026, about 90% of Zcash transactions were using shielded transfers. Grayscale argues that these privacy features are becoming more relevant as digital surveillance capabilities expand.
Investors’ interest is also reflected in Zcash’s market value, which rose from about $4 billion in March to roughly $24.27 billion. That is still less than 1% of Bitcoin’s market capitalization of about $1.56 trillion. The figures cited put ZEC near $1,431, up almost 19-fold over the past year. The rally has brought greater attention to the privacy-payments case, while also raising questions about how much of that expectation is already reflected in the valuation.
Grayscale’s scenario model indicates that ZEC could reach $4,054 if it captured 5% of Bitcoin’s market share. That result depends on a specific market-share assumption and is not a guaranteed future price. Bitcoin still represents the vast majority of the category’s value, and it remains uncertain whether Zcash can expand its use and market share.