ZEC vs XMR: key numbers
Zcash as a percentage of Monero. 100% means Zcash has caught up. Data as of .
| Metric | Now | 1 year ago | Peak | Data since |
|---|---|---|---|---|
| Market cap | 168.0% | 120.0% | 266.3% Sep 26, 2026 | Jun 2019 |
Two ways to do privacy
Monero, launched in 2014, hides the sender, receiver and amount of every transaction by default, using ring signatures, stealth addresses and confidential transactions. Zcash, launched in 2016, uses zero-knowledge proofs and makes privacy optional: coins can sit at transparent addresses or in shielded pools. For years Monero was much the larger coin. Between June 2019 and the end of 2024, ZEC never closed above 78.2% of XMR, and on October 12, 2023, it was down to 7.0%.
The 2025 flip
ZEC was 9.4% of XMR on May 21, 2025, and first closed above it on October 31, 2025. Galaxy Research linked the rally to easier shielding through the Zashi wallet and NEAR Intents, and to ZEC perpetual futures on Hyperliquid. It also noted that more than 30% of ZEC's supply sat in shielded pools. Monero had its own problems. Binance delisted XMR in February 2024, and in August 2025 miners for the rival Qubic project gathered enough hashrate to reorganize six Monero blocks, after which Kraken paused XMR deposits.
Nine lead changes
Through November 10, 2026, the lead changed hands nine times: ZEC went ahead five times and XMR took it back four. The first run peaked at 176.0% on November 20, 2025, and ended a week later. After two short ZEC leads around the turn of the year, Monero led on every close from January 7 to May 4, 2026, with ZEC as low as 51.2% on March 7. ZEC retook the lead on May 5 and slipped behind for a single close on June 11. It then ran to a record 266.3% on September 26, 2026, a month after Grayscale's Zcash ETF debuted on NYSE Arca.
XRP and BNB have swapped places even more often, 47 times between June 2019 and November 2026. Every tracked race is on the flippenings page.
ZEC vs XMR flip history
Every stretch where Zcash closed above Monero, newest first. A lead change counts once the new leader holds 3 daily closes in a row; the lead has changed hands 5 times since Jun 2019.
| ZEC ahead from | Until | Days | Peak |
|---|---|---|---|
| May 5, 2026 | ongoing | 190 | 266.3% Sep 26, 2026 |
| Dec 27, 2025 | Jan 6, 2026 | 11 | 111.6% Jan 1, 2026 |
| Oct 31, 2025 | Nov 27, 2025 | 28 | 176.0% Nov 20, 2025 |
Frequently asked questions
Has Zcash flipped Monero?
Yes. As of November 10, 2026, Zcash's market cap is 168.0% of Monero's, by daily close. It has been ahead since May 5, 2026 (190 days). The lead has changed hands 5 times since Jun 2019.
What is the ZEC/XMR market cap ratio today?
Zcash's market cap is 168.0% of Monero's as of November 10, 2026. A year earlier, on November 10, 2025, it was 120.0%. Over the past 12 months it ranged from 51.2% to 266.3%.
When did Zcash flip Monero?
Zcash has led Monero 3 times since Jun 2019: from Oct 31, 2025 to Nov 27, 2025 (28 days, peak 176.0%); from Dec 27, 2025 to Jan 6, 2026 (11 days, peak 111.6%); from May 5, 2026 to today (190 days, peak 266.3%).
Where does this data come from?
Market caps are Coin Metrics' estimated market capitalization (CapMrktEstUSD): the daily closing price (00:00 UTC) times a circulating supply sourced from CoinGecko, so figures can differ slightly from CoinGecko's or CoinMarketCap's own. Each chart plots Zcash as a percentage of Monero, so 100% is parity. The data refreshes daily shortly after 00:00 UTC; the raw series is zec-xmr.json.