In every crypto cycle, some blockchain sectors tend to stand out. The ICO mania in the first two cycles and the DeFi flood in 2020-21, alongside NFTs, were standouts back then. More recently, in 2024-25, it was mostly the L1 tokens that seized public attention.

RWA projects and crypto AI tokens also did well, but the euphoria didn’t match that of the previous cycles. The privacy narrative seized hold toward the end of the crypto bull market.

ZCash [ZEC] was one of the biggest beneficiaries of this narrative shift. From August to November 2025, ZEC rallied 2,052% in three months, from $34.85 to $750, as the privacy discussion intensified.

AMBCrypto covered the strengthened on-chain metrics behind ZCash but also noted that,…