ZCash Surges to Record Mining and Transaction Activity in November 2025, Outshining Ethereum and Solana
- ZCash's Historic November Performance
- What Drove ZEC's Sudden Surge?
- Price Action and Market Sentiment
- The Bitcoin Connection Theory
- Can ZEC Sustain Its Momentum?
- ZCash November 2025 Surge: Your Questions Answered
In a stunning turn of events, ZCash (ZEC) has emerged as one of November 2025's most active cryptocurrencies, surpassing giants like ethereum and Solana in fee generation despite lacking their ecosystem depth. The privacy-focused coin saw unprecedented on-chain activity, with its Solana-based version contributing significantly to this surge. Here's why ZEC's sudden dominance has the crypto world buzzing.
ZCash's Historic November Performance
November 2025 marked a watershed moment for ZCash as it generated $47.5 million in fees - accounting for 2.6% of all fees across major blockchains. This placed ZEC as the second-largest fee generator behind only TRON, outperforming both Ethereum and Solana. The network's transaction count peaked on November 13 with over 73,000 daily transactions, a remarkable recovery for a chain that had shown minimal activity in recent years.
ZCash transaction volume November 2025 | Source: Bitinfocharts
What Drove ZEC's Sudden Surge?
The activity spike appears concentrated among relatively few wallets, with just 11,590 active daily wallets moving coins on ZCash's mainnet. Industry analysts speculate this could represent early buyers, miners, or whales actively repositioning. The timing coincided with ZEC mining reaching near-historic highs, doubling since June 2025.
Notably, the Orchard privacy fund showed near-record activity moving ZEC into its shielded version. "We're seeing what might be institutional interest in privacy coins resurfacing," noted a BTCC market analyst. "The DeFi version on solana added significant trading volume through decentralized exchanges too."
ZCash fee generation compared to competitors | Source: Token Terminal
Price Action and Market Sentiment
ZEC's price rallied to levels unseen since 2018, repeatedly testing the $700 resistance before settling around $562.94. The privacy coin sector overall has retreated below $20 billion market cap, with ZEC leading followed by Monero (XMR).
Market data shows 55% of open interest in ZEC consists of short positions, though only 44% of whales on Hyperliquid are betting against it. "These whales are paying hefty fees to maintain their shorts," observed a TradingView analyst. "A push to $620 could trigger significant liquidations."
The Bitcoin Connection Theory
Some industry watchers suggest ZEC's rally might relate to Bitcoin's aging whale movements. "There's speculation that ZCash is being used to anonymously cash out old BTC positions," shared a crypto Twitter influencer. This theory gained traction as record numbers of dormant BTC wallets became active during ZEC's price surge.
Can ZEC Sustain Its Momentum?
While showing remarkable resilience through brief contractions, ZEC currently appears unlikely to retest $700 soon. The coin has abandoned its $1,000 target for now, with concerns that any rally might simply allow early whales to exit positions accumulated over years.
This article does not constitute investment advice. Market data sourced from CoinMarketCap and TradingView.
ZCash November 2025 Surge: Your Questions Answered
How did ZCash perform compared to Ethereum and Solana in November 2025?
ZCash surprisingly outperformed both Ethereum and Solana in fee generation during November 2025, ranking second only to TRON despite having a much smaller ecosystem.
What was ZEC's highest price point during this surge?
ZEC repeatedly tested the $700 level during its November rally, reaching prices not seen since 2018 before settling around $562.94.
What factors contributed to ZCash's increased activity?
The surge appears driven by concentrated whale activity, increased mining, privacy fund movements, and additional volume from ZEC's Solana-based DeFi version trading on decentralized exchanges.
