Zcash (ZEC) Skyrockets 20% as Arthur Hayes Shares Another Bold Price Target

Zcash (ZEC) surges more than 20% on Thursday, extending its record-breaking rally to over 1000% in just a month. This comes as the privacy coin defies the crypto market crash to become the best digital asset to buy. Billionaire Arthur Hayes claims the rally isn’t over yet and shares his Zcash price target.

BitMEX Co-Founder Arthur Hayes Predicts Zcash Price to Hit $1000

As Zcash pumps over 20% to surpass $500 today, BitMEX co-founder Arthur Hayes predicted $1000 as the next price target. This short-term target comes in line with Hayes’ long-term price target of $10,000, which sparked massive buying in ZEC in a single day.

In an X post on November 6, he also hoped that all his haters keep shorting ZEC while he and his followers continue to accumulate heavily. Notably, this maintains liquidity and interest in the crypto asset for further gains.

Last week, Arthur Hayes predicted ZEC price to surpass $400 on Halloween. The speculation triggered a massive buzz in the crypto community and prompted a 20% jump in a single day on Halloween.

Along with Hayes, Zcash founder and cypherpunk Zooko Wilcox is also driving the rally. Zooko revealed that the Network Sustainability Mechanism under plan for Zcash will further boost the privacy coin’s long-term security and sustainability.

Notably, the initial rally was sparked by Grayscale’s announcement of opening Zcash Trust for private placement for eligible accredited investors and ZEC listing with up to 5x leverage by Hyperliquid.

ZEC Skyrockets Over 20%

Retail investors and whales are continuing to accumulate Zcash heavily. On-chain expert Lookonchain reported that a newly created wallet (0x96ea) went long on ZEC 3 days ago, currently sitting at $2.7 million in unrealized profit.

At the time of writing, Zcash price trades 20% higher at $521.50. The 24-hour low and high are $429.23 and $521.35, respectively. Furthermore, the trading volume remains high in the last few days, indicating a massive interest among traders.

The total open interest of ZEC contracts across all crypto exchanges surpassed $863.58 million for the first time. The ZEC open interest climbed almost 30% in the past 24 hours, with massive buying on Binance, OKX, and Bybit.