ZEC Leads in Spot Volume, but Monero Dominates On-Chain Activity
While Zcash (ZEC) has captured attention in December with unusually high daily spot trading volume, Monero (XMR) continues to outperform it in the metrics that signal genuine network usage. CoinGecko data shows ZEC consistently posting nearly $1 billion in daily trading volume, buoyed by deep liquidity on major exchanges such as Binance.
However, on-chain activity tells a very different story. According to BitInfoCharts, Monero processes an average of 26,000 transactions per day, more than three times ZEC’s roughly 8,000 daily transactions. The data also highlights that XMR’s activity has remained steady for years, reflecting a stable user base and long-term adoption patterns. By contrast, ZEC’s recent spike—and its rapid cooldown—suggest a burst of short-lived speculation rather than sustained growth.
Real Usage vs. Speculative Trading
Analysts note that on-chain activity carries far greater long-term significance than short-term spot volume because it reflects actual utility—especially for private, censorship-resistant transfers. This helps explain why XMR’s price behavior has been comparatively stable despite market volatility.
TradingView data shows ZEC has dropped over 40% in the past month, leading some market watchers to warn of a potential bubble pattern. Monero, meanwhile, fell by only around 12%, reinforcing its reputation as the steadier choice among privacy-focused assets. As analysts describe it, ZEC often appeals to traders chasing momentum within the privacy coin narrative, but this also makes it more vulnerable to steep corrections and longer recovery periods.
Research Shows XMR Still Dominates the Privacy Sector
A recent report from MEXC Research further solidifies Monero’s leading position in the privacy asset segment. According to the report, “Monero remains an asset of choice among privacy coin traders, accounting for 93% of total trading volume in Q3–Q4 and 72% of users in this segment.” Even as ZEC and DASH recorded record-high trading volumes, long-term user preference continues to favor XMR.
The study adds that increasing interest in privacy assets reflects a rising demand for anonymity, particularly as global regulators expand surveillance measures and strengthen capital controls.
Overall, the sector continues to draw attention, and analysts believe privacy-focused cryptocurrencies will stay central to the market narrative in 2026. While ZEC and XMR serve different types of market participants, the broader trend suggests that user interest in privacy technology is only accelerating.
