Zcash Soars Past $500 as Predictions Point to $1000 Rally by BitMEX Founder Zcash Soars Past $500 as Predictions Point to $1000 Rally by BitMEX Founder

Arthur Hayes has predicted that the rally of ZEC could continue towards $1000.

In the last 24 hours, the cryptocurrency Zcash has surged by 20.6%. At the time of writing, ZEC is trading at approximately $520 — its highest level since 2018.

The market capitalization of this anonymous coin has reached $8.5 billion. ZEC has climbed to 26th place among the largest cryptocurrencies by market value, surpassing Monero, Litecoin, Avalanche, Hedera, and Sui.

With Zcash hitting yet another multi-year high, BitMEX founder Arthur Hayes has forecasted that the ZEC rally could push prices to $1000.

Previously, he predicted that the coin could reach $10,000.

Privacy-focused assets have benefited from a growing demand for financial anonymity amid increased regulation worldwide. Specifically, from 2027, new AML rules in the EU will prohibit anonymous crypto accounts and the use of privacy coins like ZEC and XMR.

The market cap of the sector has expanded to $26 billion, growing by 5.8% just in the last 24 hours.

Zcash has emerged as the primary beneficiary. However, other coins have also shown impressive performance, with Dash climbing over 124% in the past week and Decred increasing by 150%.

Horizen and Railgun saw price increases of 46% and 42%, respectively, over the same period.

The positive performance of anonymous cryptocurrencies stands out against the backdrop of a lackluster wider market. On November 5, Bitcoin fell below $100,000 for the first time since June, while Ethereum traded below the $3000 mark.

The volume of secured transactions for Zcash also set another record at 4.96 million ZEC, according to ZecHub. This accounts for over 30% of the total supply of the asset.

CoinDesk Research described Zcash as the “spiritual successor” to Bitcoin. He stated that supporters of the privacy coin view the excitement around ZEC as a return to the principles of cypherpunk.