BitMEX co-founder Arthur Hayes suggested that Zcash (ZEC) could eventually do just that reception 10% of Bitcoin market cap, long-term bullish thesis for privacy coins, not short-term price forecast. Based on ZEC’s circulating supply of approximately 16 million tokens, this scenario would suggest a price in the high four-digit range, around $8,000-$10,000, depending on Bitcoin’s valuation.
It’s worth watching the chart pattern
Technically, traders point to a possible cup and handle pattern, but this is a subjective chart pattern with no guarantee of the outcome. Resistance is often cited around $625-$650, with some speculative forecasts suggesting a move towards $1,000, although this is largely dependent on broader market conditions and is not a confirmed target.
The target also aligns with the ZEC Fibonacci extension of 1.618, calculated from a high of $745 to a low of $185.
Privacy coins are moving forward
ZEC does not move alone. Monero and Dash, both privacy-focused tokens, have also seen gains over the past month. But Zcash is the leader. Reports indicate that the coin has increased by over 80% in 30 days, while the total cryptocurrency market capitalization has barely changed – increasing by just 0.2% over the same period.
$ZEC update
This thing is running its own bull market rn…gg
I closed the shortcut. Especially with $BTC sits on support of approximately 76 thousand. dollars
Even a diminutive pump in Bitcoin makes ZEC absolutely stupid now https://t.co/xLs6ficv7l pic.twitter.com/obAhbnXqfp
— SnorlaX Money (@SnorlaxOnChain) May 18, 2026
In the last three days alone, ZEC is up 18% while the broader market is down 3%. This split has led some traders to say that Zcash is runs its own bull market. The main driving force behind this move appears to be the growing demand for financial privacy, which has sparked novel interest in a coin that has been largely overlooked for years.
Institutional interest adds fuel
In early May, the hedge fund Multicoin Capital revealed that it had a position in ZEC. Around the same time Robinhood added the token to its platform, opening it to a wider group of retail investors.
Both events occurred at a time when the privacy narrative was already building. Hayes’ comment added another layer. His estimates were speculative – based on a comparison of market capitalization with Bitcoin — but it did get attention, and according to data, the value of ZEC in Bitcoin has increased by about 20.5% since its attention.
Regardless of whether the case ends successfully or not, the coin has already proven that it can move on its own terms.
Featured image from Quicknode, chart from TradingView
