BitMEX co-founder Arthur Hayes has suggested that Zcash (ZEC) could eventually reach 10% of Bitcoin’s market capitalization, a long-term bullish thesis on privacy coins rather than a near-term price forecast. Based on ZEC’s circulating supply of around 16 million tokens, that scenario would imply a price in the high four-figure range, roughly $8,000–$10,000, depending on Bitcoin’s valuation.
A Chart Pattern Worth Watching
On the technical side, traders point to a possible cup-and-handle pattern, but this is a subjective chart formation with no guarantee of outcome. Resistance is often cited around $625–$650, with some speculative projections suggesting a move toward $1,000, though this depends heavily on broader market conditions and is not a confirmed target.
The target also lines up with ZEC’s 1.618 Fibonacci extension, drawn from a $745 swing high down to a $185 swing low.
Privacy Coins Pull Ahead
ZEC is not moving alone. Monero and Dash, both privacy-focused tokens, have also posted gains over the past month. But Zcash leads the pack. Reports indicate the coin climbed more than 80% in 30 days while the total crypto market cap barely moved — up just 0.2% over the same stretch.
$ZEC update
This thing is running its own bull market rn… gg
I closed my short. Especially with $BTC sitting on support around $76k
Even a small pump in Bitcoin makes ZEC go absolutely stupid right now pic.twitter.com/obAhbnXqfp
— SnorlaX お金 (@SnorlaxOnChain) May 18, 2026
In the past three days alone, ZEC added 18% as the broader market slipped 3%. That split has prompted some traders to say Zcash is running its own bull market. Growing demand for financial privacy appears to be the main force behind the move, pulling fresh interest into a coin that had been largely overlooked for years.
Institutional Interest Adds Fuel
Earlier in May, hedge fund Multicoin Capital disclosed it holds a position in ZEC. Around the same time, Robinhood added the token to its platform, opening it up to a wider pool of retail investors.
Both developments landed at a time when the privacy narrative was already building. Hayes’s comment added another layer. His estimate was speculative — based on a market cap comparison to Bitcoin — but it drew attention and, according to data, ZEC’s value in Bitcoin terms has risen about 20.5% since he made the remark.
Whether the cup-and-handle plays out or not, the coin has already proven it can move on its own terms.
Featured image from Quicknode, chart from TradingView