BitMEX co-founder Arthur Hayes has suggested that Zcash (ZEC) could eventually do this range 10% of Bitcoin’s market cap, a bullish long-term thesis on privacy coins rather than a short-term price prediction. Based on ZEC’s circulating supply of around 16 million tokens, that scenario would imply a price in the high four-figure range, around $8,000 – $10,000, depending on Bitcoin’s valuation.
A chart pattern worth checking out
On the technical side, traders point to a possible cup-and-handle pattern, but this is a subjective chart formation with no guarantee of results. Resistance is often mentioned around $625-$650, with some speculative projections pointing to a move towards $1,000, although this is highly dependent on broader market conditions and is not a confirmed target.
The target also matches ZEC’s 1,618 Fibonacci extension, pulled from a swing high of $745 to a swing low of $185.
Privacy coins are moving forward
ZEC does not move alone. Money and Dash, both privacy-focused tokens, have also posted gains in the past month. But Zcash leads the pack. Reports indicate that the coin has risen by more than 80% in 30 days, while the total cryptocurrency market capitalization has barely increased – by just 0.2% over the same period.
$ZEC update
This thing is running its own bull market rn…gg
I closed my shorts. Especially with $BTC sits at support around $76k
Even a small pump in Bitcoin will make ZEC absolutely stupid at this point https://t.co/xLs6ficv7l pic.twitter.com/obAhbnXqfp
— SnorlaX お金 (@SnorlaxOnChain) May 18, 2026
In the last three days alone, ZEC added 18%, while the broader market fell 3%. This split has prompted some traders to say that Zcash is running its own bull market. Growing demand for financial privacy appears to be the main force behind this move, creating new interest in a coin that has been largely overlooked for years.
Institutional importance adds fuel
Earlier in May, hedge fund Multicoin Capital announced that it has a position in ZEC. Around the same time, Robinhood has added the token to its platform, making it accessible to a broader group of retail investors.
Both developments took place at a time when the privacy story was already building. Hayes’ comment added another layer. His estimate was speculative – based on a market capitalization comparison with Bitcoin – but it attracted attention and according to data, ZEC’s value in Bitcoin terms has risen by about 20.5% since he made the comment.
Whether the cup-and-handle works or not, the coin has already proven that it can move on its own terms.
Featured image of Quicknode, chart from TradingView