Zcash (ZEC) rocketed into the headlines on Monday after former BitMEX CEO Arthur Hayes floated a viral $10,000 price target, triggering a sharp rally that sent the privacy-focused token sharply higher ahead of its November halving.
Key Takeaways:
- ZEC token surged above 20% in a day after Hayes’ bullish $10,000 comment, becoming one of the market’s top performers.
- ZEC is trading near $354.44 as of writing (9:30AM UTC), up by approximately 15.39% over the past 24 hours with daily trading volume of $1.6 billion, a clear market-moving event.
- Technical momentum readings show the token in overbought territory (RSI readings reported above 70), suggesting the rally may invite profit-taking or a pullback after the halving.
Arthur Hayes’ public $10,000 prediction on his X (formerly Twitter) account and subsequent commentary circulated widely across social platforms, provoking renewed speculative interest in Zcash, a privacy-focused cryptocurrency built on zk-SNARK technology. Media outlets and market feeds captured the move almost immediately; mainstream crypto sites reported ZEC’s jump and framed the BitMEX co-founder’s projection as the catalyst for a fresh wave of buying.
The post immediately spread across social media and crypto exchanges, prompting traders to pile into ZEC. The timing added fuel to the hype as Zcash’s next halving is set for mid-November, cutting its mining rewards in half, a development often seen as bullish for scarcity-driven assets.
Meanwhile, industry media such as CoinPaper and Decrypt noted that Hayes’ endorsement reignited attention around a token that had long been overshadowed by newer privacy projects like Monero and Iron Fish.
ZEC Leads Market Gains With 20% Intraday Surge
ZEC saw a skyrocketing price increase, reaching over 20% gain over the past 24 hours as it peaked an intraday high of approximately $370.11, according to CoinGecko’s real-time market data. At the time of writing (9:30AM UTC), CoinMarketCap shows ZEC is trading at approximately $354.44, showing a 15.39% gain in the day, CoinGecko also saw the token reached an intraday low of $304.80.
Its market capitalization climbed past $5.5 billion, while trading volume soared to nearly $1.6 billion, signaling renewed investor interest. Meanwhile, data from TradingView showed ZEC’s Relative Strength Index (RSI) hovering above 70, indicating overbought conditions. Historically, similar RSI levels have preceded price corrections or consolidations following rapid rallies.
Analysts Cite Hype and Halving as Key Drivers
Market observers say the combination of Hayes’ forecast and Zcash’s upcoming halving event created a perfect setup for a speculative rally. Decrypt’s coverage highlighted how investors often front-run halvings, anticipating reduced token supply and potential price appreciation. An analyst from CoinPaper highlighted both the upcoming token halving and Hayes’ impact on the broader crypto market, noting:
Arthur Hayes’ commentary tends to move markets because traders view him as a macro voice in crypto investing… with Zcash’s halving weeks away, his statement amplified an already bullish narrative.
Despite the excitement, some traders warned that the price surge may not be sustainable. On-chain data reportedly shows no significant increase in shielded transactions or network growth as metrics often used to gauge real demand for ZEC’s privacy-focused blockchain.
What’s Next for Zcash
With its halving expected in mid-November, Zcash now sits at a critical crossroads. Traders are watching whether the token can maintain its rally or face a typical “sell-the-news” scenario. For investors managing a crypto portfolio, this event underscores the balance between seizing momentum-driven opportunities and recognizing short-term risks tied to hype cycles.
Summary
ZEC spiked on Arthur Hayes’ $10,000 call as attention converges on the mid-November halving. Overbought RSI and thin signs of fundamental growth suggest volatility risk; traders are weighing hype-fueled momentum against potential post-halving pullbacks.
