Multiple altcoins rallied over the past 24 hours, with privacy coin zcash (ZEC) leading the roost, up 47.1% to $836 before retreating slightly and settling near the $810 range. Similarly, bitcoin cash (BCH) gained 31.4% to $299.49 in the same window.

Zcash has become this year’s standout performer, with a privacy push and certain exchange-traded fund (ETF) developments driving a 13% climb on August 21 alone, pushing the token to an intraday high of $663 and its market capitalization toward $10.8 billion.

Grayscale’s push to convert its Zcash Trust into a spot exchange-traded fund (ETF), which would make it the first privacy coin ETF in the United States, has been a recurring catalyst behind the rally.

Image source: SEC.gov

Zcash’s run has not been without turbulence because as Bitcoin.com News reported earlier this month, the asset touched $686 before a wave of coordinated selling triggered $28 million in liquidations.

The rally was not confined to privacy coins as cardano (ADA) advanced 19.0% to $0.2563, and dogecoin (DOGE) and whitebit token (WBT) each gained 17.7%. Stellar (XLM) climbed 16.2%, chainlink (LINK) advanced 13.3%, and hyperliquid (HYPE) rose 11.9% to $81.50.

Layer one (L1) tokens, payment-focused coins, and decentralized exchange (DEX) infrastructure plays all posted gains within hours of each other, a pattern more consistent with a market-wide liquidity injection than a single project-specific catalyst.

Image source: Coingecko

Hyperliquid’s 11.9% gain to $81.50 came as the decentralized exchange (DEX) platform continued to draw attention for its perpetual futures volume and token buyback mechanism (alongside the President’s nod at a recent White House crypto gathering). Cardano’s advance, meanwhile, tracked a broader week of gains for the network as traders positioned around U.S. policy clarity, with ADA up double digits on both the daily and weekly charts.

The overall bullish push was fueled by U.S. President Donald Trump’s renewed enthusiasm regarding the Digital Asset Market Clarity Act alongside a Treasury Department announcement to expand its long-dated bond buybacks, a move that eased yields and freed up liquidity for risk assets including crypto.

That liquidity backdrop follows a leg of the rally earlier in the week, when ether (ETH) jumped 18% to $2,250. That said, analysts caution that fast, broad-based altcoin rallies of this kind often run alongside heavy leverage, which can amplify both the advance and any subsequent pullback.

Lastly, it bears mentioning that trading volume across the aforementioned tokens also climbed sharply alongside their price moves, suggestive of the fact that the rally was backed by real order flow rather than thin weekend liquidity. Looking ahead, the combination of regulatory optimism around the Clarity Act, expanding Treasury liquidity and renewed institutional interest in privacy assets seems to be keeping buyers in control.

The next test comes if Congress makes tangible progress on crypto market structure legislation in the coming weeks, a development that traders expect would extend the rally.

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