Arthur Hayes, co-founder of BitMEX, has made a bold prediction that Zcash could eventually capture 10% of Bitcoin's market capitalization, implying a potential ZEC valuation near $420 billion. Based on Zcash's circulating supply of approximately 16.7 million tokens, this forecast would translate into a long-term ZEC price range between $8,000 and $10,000 versus roughly $600 currently. Hayes has long argued that financial privacy will become more valuable as governments expand surveillance, capital controls, and transaction monitoring, positioning Zcash as a direct bet on demand for private, censorship-resistant money. His comments landed as ZEC was already gaining momentum from fresh institutional catalysts, with the rally unfolding during broader improvement in risk appetite across crypto markets.
Zcash experienced a dramatic surge of 43% in just 24 hours, climbing above $600 while most major digital assets remained relatively flat. According to crypto.news data, the rally was significantly boosted by Robinhood's official listing of Zcash on April 23, 2026, which gave more than 25.9 million retail users including traders in stricter jurisdictions such as New York, easier access to ZEC trading. Since the listing, Zcash has surged more than 40% over the past 30 days, with demand continuing to rise. On-chain data shows that more than 30% of ZEC's circulating supply, roughly 5.18 million coins, is currently locked in shielded pools, which reduces liquid supply in the market and can strengthen bullish price momentum during periods of high demand. The listing momentum was further supported by broader crypto market improvements as US-Iran peace-deal hopes reduced fears of a wider Middle East conflict and inflationary oil shock.
The primary catalyst for the latest surge was a major disclosure from Multicoin Capital co-founder Tushar Jain, who revealed the firm had been building a 'significant position' in Zcash since February 2024. Jain described Zcash as 'the most direct public market vehicle' for exposure to private, censorship-resistant, and seizure-resistant money, highlighting ZEC as the leading public-market bet on private and censorship-resistant digital money. In his latest statement, Jain emphasized that "We believe that truly private, censorship and seizure-resistant assets have a clear product-market fit and demand is accelerating. We believe ZEC is the cleanest way to express this thesis in public markets." The investment thesis gained additional credibility from major crypto personalities, with macro investor Raoul Pal describing Zcash as the 'younger sibling' of Bitcoin and crypto influencer Jesus Martinez claiming that these comments helped fuel social media buzz and renewed interest in privacy-focused cryptocurrencies.
The rally was accompanied by strong technical indicators and significant trading activity. As reported by crypto.news, Zcash confirmed a bullish cup-and-handle breakout pattern after decisively breaking above the neckline resistance near $400. The breakout came after the token escaped a falling wedge structure within the handle formation, a setup widely considered a bullish continuation signal. Daily trading volume surged to nearly $1.6 billion, marking its highest level so far in 2026. The momentum indicators showed the MACD lines widening sharply in bullish territory while the Aroon Up indicator surged to 100, reflecting strong bullish trend with limited signs of seller dominance. The latest surge produced 24-hour gains above 40% and weekly gains near 80%, with exchange data showing nearly $44 million in short positions liquidated within 12 hours and about $59 million wiped out over 24 hours.
The rally pushed Zcash's market capitalization to about $10 billion, briefly overtaking Monero as the largest privacy coin by market value. According to crypto.news, the token started the month near $350 and experienced a late-evening run on May 5 that sent ZEC from roughly $430 to $520 in about two hours. Prices settled around $541 into the early hours of May 6 before a second wave lifted the token to $600. Listings that increase retail access, including the recent Robinhood listing, along with endorsements from prominent market figures, were also cited by market participants as buying catalysts. The 2026 surge mirrors a rally seen in late 2025 and brings ZEC within range of its 2025 peak, which was just over $740. The breakout target is calculated by measuring the wedge's maximum height and adding it to the breakout point, projecting a move toward roughly $900, or about 55% above current levels.
Investor sentiment also strengthened ahead of the network's upcoming FCMP++ upgrade milestone, with the next testnet phase scheduled for later today. According to crypto.news, the upgrade is expected to significantly expand Zcash's privacy capabilities and scalability for shielded transactions. However, some analysts cautioned that the rally may reflect speculative momentum rather than increased on-chain use. Zcash's shielded supply — the share of coins moved using transactions that hide sender, recipient and amount — rose to an all-time high above 31%, with market participants warning that a higher shielded share can allow large, opaque trades that do not appear on public order books and could create liquidity stress on transparent exchanges. Despite the strong breakout narrative, Zcash may also be forming a massive double-top pattern similar to the setup that preceded its 2021-2024 collapse. The token has rebounded sharply toward the same $600–$700 resistance zone that capped its previous cycle rally in late 2021, with downside risks potentially stretching toward the $40–$50 region over the longer term.
