It’s not unusual that a research report is bullish on a coin. What’s unusual is that this time it didn’t use the U.S. dollar as the measuring stick—it rewrote Bitcoin instead..
🤖 进群聊市场
In its Sept. 29 analysis, Grayscale grouped BTC together with 10 other coins into the same “currency sector,” with constituents reviewed quarterly by FTSE Russell. The most eye-catching part is two figures: XRP’s market cap is already approaching 6% of Bitcoin’s, while Zcash a year ago was still under 0.1%—now it’s about 1.5%.. The words from research head Zach Pandl were blunt: ZEC hasn’t hit any valuation ceiling yet..
Most people see this as “institutions are bullish on privacy coins.” But the more important thing is the change in the yardstick, not the conclusion. Once the denominator shifts from the U.S. dollar to Bitcoin, the question isn’t “how much more can it rise in dollars,” but “how much of the Bitcoin market-cap pie can other coins cut out for themselves.” Using that lens, ZEC’s current 1.5% can only be considered just getting started—because in the 2017–2018 cycle, XRP, BCH, LTC, and DASH all reached more than 3% of Bitcoin’s market cap..
What really matters is where the money behind this trend is moving.. This year, privacy-sector assets have been repriced: ZEC rose from roughly $60 a year ago to about $1,500 as of Sept. 29. In Glassnode’s data from Sept. 7, ZEC alone accounted for about 62% of the entire privacy sector’s market cap. This level of concentration suggests the money isn’t being spread evenly—it’s first picking a target and buying it as the sector’s representative..
There’s an even more granular layer.. In Grayscale’s estimate from Sept. 11, the same mining machine earning ZEC would generate about twice as much reward as mining Bitcoin. Note: this is mining revenue, not profit—electricity costs and equipment haven’t been deducted yet. But the research institution is willing to compute this number, which suggests it’s treating ZEC as an asset that needs to be re-priced by computing power, not as a pure narrative story..
The person who produced this research note manages products. The way it groups which coins into the “currency sector” is itself close to a product map. And using Bitcoin as the denominator means that as long as BTC itself goes sideways, the relative upside of these coins will look especially impressive..
So what to watch next isn’t whether Zcash can climb to some specific price, but two things: whether the money behind the privacy theme can keep flowing, and once that money arrives, whether there will be supporting products that get listed as well..
🤖 进群聊市场
In its Sept. 29 analysis, Grayscale grouped BTC together with 10 other coins into the same “currency sector,” with constituents reviewed quarterly by FTSE Russell. The most eye-catching part is two figures: XRP’s market cap is already approaching 6% of Bitcoin’s, while Zcash a year ago was still under 0.1%—now it’s about 1.5%.. The words from research head Zach Pandl were blunt: ZEC hasn’t hit any valuation ceiling yet..
Most people see this as “institutions are bullish on privacy coins.” But the more important thing is the change in the yardstick, not the conclusion. Once the denominator shifts from the U.S. dollar to Bitcoin, the question isn’t “how much more can it rise in dollars,” but “how much of the Bitcoin market-cap pie can other coins cut out for themselves.” Using that lens, ZEC’s current 1.5% can only be considered just getting started—because in the 2017–2018 cycle, XRP, BCH, LTC, and DASH all reached more than 3% of Bitcoin’s market cap..
What really matters is where the money behind this trend is moving.. This year, privacy-sector assets have been repriced: ZEC rose from roughly $60 a year ago to about $1,500 as of Sept. 29. In Glassnode’s data from Sept. 7, ZEC alone accounted for about 62% of the entire privacy sector’s market cap. This level of concentration suggests the money isn’t being spread evenly—it’s first picking a target and buying it as the sector’s representative..
There’s an even more granular layer.. In Grayscale’s estimate from Sept. 11, the same mining machine earning ZEC would generate about twice as much reward as mining Bitcoin. Note: this is mining revenue, not profit—electricity costs and equipment haven’t been deducted yet. But the research institution is willing to compute this number, which suggests it’s treating ZEC as an asset that needs to be re-priced by computing power, not as a pure narrative story..
The person who produced this research note manages products. The way it groups which coins into the “currency sector” is itself close to a product map. And using Bitcoin as the denominator means that as long as BTC itself goes sideways, the relative upside of these coins will look especially impressive..
So what to watch next isn’t whether Zcash can climb to some specific price, but two things: whether the money behind the privacy theme can keep flowing, and once that money arrives, whether there will be supporting products that get listed as well..
