The main reason behind the current rally is hype. Zcash has become the hot topic across social media, fueled largely by comments from prominent figures, including Arthur Hayes, co-founder of the BitMEX exchange.
In his “Vibe Check” post on platform X, Hayes mentioned $10,000 as a potential target price for Zcash. Shortly after, the ZEC price spiked sharply from $272 to $355 within a day.
Posts like these, which gain hundreds of thousands of views, are not reliable forecasts but tend to trigger FOMO among crypto investors. Hayes further amplified the bullish sentiment with his optimistic comments on the Hyperliquid platform.
However, analysts caution against overly high expectations. Zcash’s all-time high was recorded in 2016 at over $3,000, followed by a long and steep decline. For now, it remains uncertain whether the current surge signals a long-term trend reversal.