Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid

Arthur Hayes has disclosed that Zcash has turned into one of his fund’s biggest liquid holdings as the token’s market capitalization reached over $10 billion, finally surpassing Hyperliquid to re-enter the top 20 cryptocurrencies.

Arthur Hayes Doubles Down on Zcash’s Potential

Arthur Hayes confirmed in a post on X that Zcash now represents his firm’s second-largest liquid position after Bitcoin. Hayes’s public endorsement comes amid a rally in ZEC’s price, which surged more than 31 % in one day to highs of $717, its highest since 2018

The rally marks an eight-year high for the privacy coin. This comes at a time of fresh enthusiasm for privacy-focused projects amidst increased scrutiny of blockchain transparency. Hayes went even further by saying that ZEC could reach as high as $10,000.

He had earlier predicted that ZEC would reach $1,000 soon after it went over $500 yesterday. The post quickly went viral on social media and stirred further speculation.

The recent launch of the Zashi wallet and ongoing work on Project Tachyon have improved how easy it is to use and access Zcash.

Zcash Surpasses $10B as Privacy Narrative Gains Traction

The latest rally has pushed Zcash to a market cap of around $10.9 billion. It has also surpassed Hyperliquid’s $10.8 billion. The token continues its rally despite the market downturn, especially with Bitcoin recently falling below $100,000. ZEC has also gained more than 700% since the beginning of October.

After trading near $75 at the beginning of the month, it is now trading above $700 at the time of writing. The price recovery marks a return to 2018 levels.

Analysts attribute the resurgence of Zcash to technological improvements.

“Privacy is increasingly seen as a necessity rather than a luxury,” said market strategist Kennis. “With its zero-knowledge proof architecture, Bitcoin-like scarcity, and the upcoming halving event, Zcash positions itself as an ‘encrypted Bitcoin’ for the next generation of decentralized finance.”

Zcash’s zk-SNARKs allow users to completely shield the traces of their transactions. It helps users mask their transaction addresses, amounts transacted, and even memos. The total “shielded” supply of ZEC has reached close to five million.

Meanwhile, the futures activity of Zcash has continued to surge. According to CoinGlass, the largest amount of open interest can be found on Binance, at around $340 million, followed by Hyperliquid with $332 million and Bybit with $157 million.