Zcash surges as Mr. Arthur Hayes reignites interest; $10,000 thesis returns amid technical momentum

Zcash (ZEC) trades near $516 as of writing, climbing more than 25% in 24 hours and extending a powerful multi-month rally that has delivered over 750% gains in the last three months and nearly 800% year-over-year. This dramatic move places ZEC among the top-performing digital assets of 2025 and has pulled the privacy-focused token back into the spotlight after years of quiet trading.

The immediate catalyst was commentary from Mr. Arthur Hayes, the Company BitMEX co-founder and former CEO, who reiterated a $10,000 price target for ZEC during a weekend “vibe check” on X. Mr. Hayes’ comments triggered swift market reaction: trading volumes rose, speculators reentered desks, and a renewed wave of FOMO pushed price acceleration. Observers note that Mr. Hayes’ past market-moving posts — including earlier moves that influenced the price of Hyperliquid’s HYPE token — give his statements outsized influence.

Beyond a single voice, structural factors underpin the rally. Institutional accumulation is notable: Company Cypherpunk Technologies, backed by the Winklevoss network, purchased 56,418 ZEC for roughly $29 million, lifting its holdings to 290,062 ZEC — about 1.8% of circulating supply. This kind of accumulation can materially tighten free float and magnify price moves in a market undergoing renewed interest.

Analysts point to scarcity, privacy-oriented design, and comparisons to early Bitcoin and Ethereum cycles as themes drawing capital into ZEC during periods of heightened regulatory scrutiny. Market commentator AB Kuai Dong described the price action as a sharp sentiment shift after a long period of inactivity, while others see the rally as partly speculative and FOMO-driven.

Technical analysts continue to watch critical patterns. GainMuse noted that ZEC has reclaimed key structure and is trading within a rising channel, highlighting higher lows and sustained momentum above trend support as signals favoring continuation toward the channel’s upper boundary. The report also warned that a breakdown below channel support would invalidate the bullish thesis.

Independent chart watchers such as Thor Torrens have pointed to a confirmed cup-and-handle formation and projected a potential cycle target near $4,900 if the pattern plays out. In contrast, CoinCodex offers a more conservative technical-derived path, forecasting a 42% increase to roughly $747.84 by January 30, 2026, with an extended target near $834 by March 31, 2026. CoinCodex’s outlook sits alongside an on-chain picture showing a Fear & Greed Index at low levels (extreme fear), suggesting room for speculative upside if risk appetite returns.

Can the $10,000 narrative persist? Supporters argue the thesis rests on enduring demand for privacy, limited supply dynamics, and renewed institutional interest. Skeptics point to ZEC’s prior all-time high near $5,941 and its history of sharp cycles as reasons to temper expectations. For now, price action, capital inflows, and technical structure keep Zcash squarely in focus.

Traders should watch volume, channel support, and the behavior around psychological levels. A sustained break above near-term resistance and continuation within the rising channel would reinforce bullish scenarios; conversely, a failure to hold support would likely trigger rapid profit-taking and a reassessment of targets. In short, ZEC’s rally combines influencer-driven headlines, institutional accumulation by entities such as Company Cypherpunk Technologies, and recognizable technical setups — a mix that can amplify both upside and downside in short order.