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 https://t.co/xLs6ficv7l 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 FuelEarlier 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
