ZCash (ZEC) Hits All-Time 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 and Mining Activity Respond?
• What’s Behind the Sudden Spike in ZEC Transactions?
• Can ZEC Sustain Its Momentum After the November Rally?
• Is ZCash’s Revival Temporary or the Start of a New Trend?
• FAQ: ZCash’s November 2025 Surge

In a surprising turn of events, ZCash (ZEC) has emerged as one of the most active cryptocurrencies in November 2025, outperforming giants like ethereum and Solana in fee generation and on-chain activity. The privacy-focused blockchain recorded unprecedented transaction volumes, mining peaks, and fee revenues, marking a historic month for the project. Here’s a deep dive into what drove this surge and whether ZEC can sustain its momentum.

Why Did ZCash Outperform Ethereum and Solana in November 2025?

ZCash’s blockchain activity skyrocketed in November, with daily transactions peaking at over 73,000 on the 13th—a record high for the network. According to, ZEC’s fee generation surpassed Ethereum and Solana, securing its position as the second-largest fee-generating network after Tron. This achievement is particularly notable given ZCash’s lack of decentralized applications (dApps) compared to its competitors.

How Did ZEC’s Price and Mining Activity Respond?

ZEC’s price rallied to over $700 in November—a level not seen since 2018—coinciding with heightened mining activity. The network’s hash rate nearly doubled since June, approaching its all-time high. Analysts fromsuggest that the mining spike and price surge were driven by renewed interest in privacy coins, as well as speculation around ZEC’s shielded pool migrations.

The surge in ZEC transactions has been linked to increased activity in the Orchard privacy pool, with shielded transfers nearing record highs. Some analysts speculate that large bitcoin holders may have used ZEC to anonymize their positions, given the recent movement of dormant BTC wallets. However, this theory remains unconfirmed.

Can ZEC Sustain Its Momentum After the November Rally?

Despite its impressive performance, ZEC faces challenges. The token retraced to $562 after failing to hold above $700, and privacy coins as a whole have seen declining market caps. Open interest data from Hyperliquid shows that 55% of positions are short, with large traders paying hefty fees to maintain bearish bets. A short squeeze could push prices toward $620, but a return to $700 seems unlikely in the near term.

Is ZCash’s Revival Temporary or the Start of a New Trend?

ZCash’s recent activity is a stark contrast to its historically low transaction volumes. While the network now ranks 13th in daily active wallets (11,590), its fee dominance (2.6% of major blockchains) suggests concentrated activity rather than broad adoption. The BTCC research team notes that ZEC’s rally may have been fueled by early investors and miners cashing out, raising concerns about sustainability.

FAQ: ZCash’s November 2025 Surge

How much in fees did ZCash generate in November?

ZCash generated $47.5 million in fees in November 2025, accounting for 2.6% of all fees across major blockchains.

What was ZEC’s highest price in November 2025?

ZEC briefly surpassed $700 in mid-November—its highest level since 2018—before correcting to around $562.

Why did ZCash’s mining activity increase?

ZEC’s hash rate nearly doubled since June 2025, likely due to improved profitability and speculation around its privacy features.

How does ZCash’s performance compare to Ethereum and Solana?

In November, Zcash surpassed both in fee generation despite having fewer active users and no major dApp ecosystem.

Where can I trade ZEC?

ZEC is available on major exchanges like BTCC, Binance, and Kraken. Always DYOR before trading.