ZCash Blockchain Hits Record High in Mining and Transaction Activity in November 2025, Surpassing Ethereum and Solana
- Why Did ZCash Outperform Ethereum and Solana in November 2025?
- How Did ZEC’s Price Rally Fuel On-Chain Activity?
- Is ZCash’s Surge Sustainable?
- What’s Next for ZCash?
- FAQs About ZCash’s November 2025 Surge
In a surprising turn of events, ZCash (ZEC) emerged as one of the most active cryptocurrencies in November 2025, outperforming giants like ethereum and Solana in fee revenue—despite lacking its own decentralized apps. The surge in ZEC’s price coincided with unprecedented on-chain activity, including record-breaking mining and transaction volumes. This article dives into the factors behind ZCash’s sudden rise, its competitive edge, and whether it can sustain this momentum amid market volatility.
Why Did ZCash Outperform Ethereum and Solana in November 2025?
ZCash’s blockchain activity skyrocketed in November 2025, with daily transactions peaking at over 73,000 on the 13th—a figure that dwarfed its historical averages. According to data from, ZCash generated $47.5 million in fees, accounting for 2.6% of all fees across major blockchains. This placed it second only to Tron, ahead of Ethereum and Solana. The spike was driven by a mix of speculative trading, privacy-focused transfers, and increased mining activity. Notably, ZCash’s Solana-based DeFi variant also contributed to the volume, though the mainchain dominated the fee earnings.
How Did ZEC’s Price Rally Fuel On-Chain Activity?
ZEC’s price broke past $700 in November—a level not seen since 2018—triggering a frenzy of mining and transactions. The rally was partly attributed to early investors and miners cashing out, as well as renewed interest in privacy coins. Data fromshows that ZEC’s market cap briefly pushed the total privacy coin sector above $20 billion before settling lower. However, short positions against ZEC remain high, with 55% of open interest betting against further gains.
Is ZCash’s Surge Sustainable?
While ZCash’s recent performance is impressive, skeptics question its longevity. The network relies heavily on a small number of wallets—just 11,590 active addresses—to drive most of its activity. Analysts at BTCC suggest that the rally could be a "pump-and-dump" scenario, with early holders offloading tokens to retail investors. Additionally, ZEC’s price has since retreated to $562.94, raising doubts about its ability to reclaim $700, let alone reach the $1,000 target some enthusiasts had hoped for.
What’s Next for ZCash?
Privacy coins like ZEC face regulatory headwinds, but their appeal remains strong among users valuing anonymity. The Orchard privacy pool saw near-record transfers, indicating sustained demand for shielded transactions. However, with short sellers circling and large wallets potentially sitting on unrealized gains, ZEC’s future hinges on broader adoption—not just speculative trading.
FAQs About ZCash’s November 2025 Surge
How did ZCash surpass Ethereum in fee revenue?
ZCash’s fee model and high transaction volume in November 2025 allowed it to outearn Ethereum, despite Ethereum’s larger ecosystem. The surge was driven by mining rewards and cross-chain activity.
Why did ZEC’s price drop after hitting $700?
Profit-taking by early investors and miners, coupled with heavy short interest, pushed the price down. Market sentiment also shifted as privacy coins faced broader sell-offs.
Can ZEC regain its all-time high?
It’s possible, but unlikely without significant new demand. The current market structure favors short-term volatility over sustained growth.
