Arthur Hayes, a co-founder of BitMEX, is cautioning traders who are trying to profit from a potential drop in Zcash (ZEC) price, suggesting the current price increase could continue.
Hayes playfully criticized those betting against the market (short-sellers) on X, saying those who profit (‘bulls’) keep quiet, while those who lose (‘bears’) are publicly known. He ended with a playful jab, calling them ‘degen’ – a slang term for a reckless gambler.
The privacy coin has jumped above $670 and is quickly moving into the top 10 cryptocurrencies by value.
Outperforming other coins
As an analyst, I’ve been watching the recent Zcash price increase with interest. What’s really standing out is just how strong this rally is, especially considering the challenging economic climate we’re in right now.
Bitcoin, Ethereum, and Solana, some of the biggest cryptocurrencies, are all down significantly as the overall market struggles. However, Zcash (ZEC) is bucking the trend, showing strong gains.
The privacy coin surged almost 17% today, and its monthly gains now exceed 120%. This strong performance goes against the recent downward trend in the broader cryptocurrency market, pushing it into the top 15 and currently ranking as the 13th largest cryptocurrency.
That said, there are some concerns about whether or not this dizzying upside is actually organic.
The market currently has low trading volume, and a lot of traders are taking very risky positions in perpetual futures contracts. This situation increasingly suggests a coordinated effort to force prices up quickly, rather than a natural increase based on genuine demand.
Multiple catalysts
ZEC has rallied over 1,200% following its fourth network halving in November 2024.
Positive market trends gained further strength in January 2026 when the U.S. Securities and Exchange Commission concluded its almost two-year review of the Zcash Foundation without issuing any penalties or taking legal action.
This quickly led to significant investment from firms such as Multicoin Capital and Cypherpunk Technologies. Additionally, Grayscale Investments applied to turn its current Zcash Trust into the first U.S. exchange-traded fund (ETF) that directly holds Zcash.
A recent, prominent article in the Wall Street Journal confirms Zcash is experiencing a positive shift. The publication highlighted Zcash as a more faithful continuation of the original ideals behind Bitcoin’s creation.
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2026-05-21 00:09