ARTHUR HAYES PLACES A BIG BET ON ZCASH $ZEC – MARKET CAP SURPASSES 10 BILLION USD, RETURNS TO TOP 20 CRYPTOCURRENCIES
Arthur Hayes – the founder of BitMEX – revealed that Zcash $ZEC is currently the second-largest liquidity holding of his fund, just after Bitcoin. ZEC's market cap has just surpassed 10 billion USD, overtaking Hyperliquid and returning to the top 20 cryptocurrencies.
The price of ZEC has increased by over 31% in 24 hours, reaching 717 USD, the highest since 2018 – equivalent to a 700% increase since the beginning of October (from 75 USD to over 700 USD). Hayes believes that ZEC could reach 10,000 USD, after previously predicting the milestone of 1,000 USD when the price surpassed 500 USD.
The surge of Zcash occurs as Bitcoin drops below 100,000 USD. Analysts believe the momentum comes from technological upgrades and renewed interest in privacy. The launch of the Zashi wallet and the Project Tachyon initiative has significantly improved the user experience.
Strategist Kennis stated: “Privacy is becoming an essential need. With zero-knowledge proof, the scarce supply like Bitcoin and the upcoming halving, Zcash is becoming the ‘encrypted Bitcoin’ for the new DeFi generation.”
The zk-SNARKs technology helps Zcash conceal addresses, amounts, and transaction content; the total amount “hidden” has approached 5 million ZEC. In the derivatives market, Binance leads with 340 million USD in open contracts, followed by Hyperliquid (332 million) and Bybit (157 million).
Zcash is making a strong comeback, becoming a new symbol for the crypto wave that emphasizes privacy, and Arthur Hayes is the pioneer who has faith in this trend.
The privacy wave is expected to remain strong in the coming time.
