Looking at the candlestick chart, the market is extremely bad. Bitcoin has fallen from its high in December, once breaking below $85,000, and Ethereum's decline is even more dramatic. Over $2 billion in liquidations occurred in 24 hours, with longs being pressed to the ground and rubbed. The market is all green, and everyone is shouting "It's over."

But if you look up from this bleak market and glance at the corner—the privacy coin sector—you'll find the situation is completely different. This is almost like a "parallel universe."

The data speaks: Zcash has risen over 700% since early October. Dash, an old project, hasn't been idle either, surging nearly 200%. While the entire network is falling, they are actually rising. The contrast is quite striking.

Many newcomers are confused: these coins that sound like antiques, how did they suddenly come back to life? Could there really be a "resurrection" happening?

It's not that complicated. To understand this wave of market movement, you don't need to delve into papers on zero-knowledge proofs; just grasp the most fundamental aspects of the market—human nature and the flow of funds.

1. The Tug-of-War Between Transparency and Privacy

The blockchain world is becoming increasingly "naked." Every transaction and interaction on the chain is recorded clearly. This complete transparency, for some people, becomes a kind of "disgust." The value of privacy coins lies precisely here—they offer a space for choice.