In this wave of market movement, ZEC can be regarded as the "comeback story of the old-school privacy coins."

Do you remember the days in early 2024 when it was below $20? Back then, no one paid attention to it. But as the halving expectations gradually fermented, privacy needs once again became a hot topic in the market. Now, it has surged above $500, with a market cap surpassing $8 billion.

What makes ZEC special is—it's not just hype. Its supply cap of 21 million and the four-year halving mechanism are all encoded in the code. Its technical foundation is solid, not just an empty shell project. This recent surge isn't based on a brand-new story; it's the old story being re-priced in a new cycle. The shrinking supply due to halving combined with the resurgence of privacy demand has been well received by the market.

But here’s a wake-up call: ZEC is no longer in the "picking up scraps" phase on the left side of the chart. It is now in the main upward phase after halving, in a high-volatility consolidation zone. In other words, after such a significant rise, the balance of risk and reward is quietly shifting.

You need to understand the role it currently plays—"Blue-chip Beta" in the privacy sector. The upside is exposure to the overall privacy trend; the downside is bearing regulatory risks, its valuation is no longer cheap, and volatility remains fierce. Moving up by 1.5x to 2x is still justifiable under macroeconomic conditions and BTC's cooperation; but expecting 5x or 10x is a low-probability event in extreme market scenarios.

For those investing in the privacy sector, using ZEC as a "leading asset + sector ticket" is the most practical—aimed at capturing the 1.5x to 3x medium- to long-term trend. Want to chase that 5x to 10x excess return? Instead of holding onto old leaders that have already surged dozens of times, it’s better to diversify your positions: keep a stable yield from the leading assets, and allocate some funds to explore smaller market cap, deeply washed-out, or early-stage privacy projects, treating them as "option positions" for speculation. This combination offers a more balanced risk and imagination space.