Privacy coins experience a collective surge: ZEC skyrockets 700%, returning to a high not seen in seven years, as retail FOMO sentiment ignites a frenzy in smaller cryptocurrencies.

[Crypto World] The entire crypto market is falling, but privacy coins are soaring?

When the market dipped 1.5%, the privacy sector exploded. Zcash’s move was quite aggressive—single coin surged 700%, with the price breaking through $600. To put this into perspective, the last time we saw this number was seven years ago.

Even more astonishing are the on-chain data. ZEC futures trading volume skyrocketed to $20 billion, DASH also reached $5.41 billion, and Monero recorded a trading volume of $462 million. Smaller coins like Verge and Secret also achieved $404 million and $228 million respectively.

Retail investors are truly going crazy this time. Privacy coin trading volume now accounts for 6% of the entire crypto market, with market capitalization increasing by 41% in a day to $41.7 billion. Behind this rally, half is driven by FOMO, and the other half might be thanks to BTC’s recent stability—since Bitcoin isn’t moving much, funds are seeking excitement elsewhere.

Honestly, ZEC, which has been around for seven years, really surprised everyone this time.