Zcash and similar privacy-focused cryptocurrencies have experienced a notable price surge, which analysts attribute to two potential factors. Some experts suggest this rise could be a protest trade against increasing financial surveillance, as privacy coins offer users anonymity in transactions. Alternatively, the spike might represent a fragile late-cycle increase in a shrinking high-risk niche, as investors seek high returns in volatile markets. The debate continues as to which factor is primarily driving the current market dynamics for these cryptocurrencies.