Gate News message. On March 30, Grayscale analyst Michael Zhao said in a latest report that the development of AI monitoring and on-chain transparency could drive privacy from a niche need into a core financial function, while the crypto market currently prices this possibility too low. The report shows that Zcash uses zero-knowledge proof technology to conceal transaction details; its shielded transactions currently account for the majority of on-chain activity, indicating that privacy demand is already real. ZEC currently represents only about 0.3% of the $1.6 trillion crypto sector, and Grayscale believes this reflects market expectations that privacy features will remain on the margins—if that expectation changes, there could be substantial upside room. By the end of 2025, ZEC had risen to nearly $700, then pulled back by more than 60%. The report also flags long-term risks such as regulatory uncertainty, execution risk for network upgrades, and quantum computing. As of the time of writing, ZEC is up 5% over the past 24 hours, trading at around $224.80.