Privacy coin Zcash (ZEC) is once again leading the pack. Despite Bitcoin's continuous decline over the past three days, which once dipped to $94,000, hitting a six-month low, ZEC has gradually climbed amid fluctuations. This morning, after BTC bottomed out and rebounded, it surged even more, rising as much as 40% in the past 24 hours to reach $743.
ZEC's strength also drove a general rise in the privacy coin sector:
- XMR rose 7.45% in the past 24 hours.
- DASH rose 40.36% in the past 24 hours.
- DCR rose 6.9% in the past 24 hours.
- ZK rose 13.27% in the past 24 hours.
Hayes' "$10,000 Narrative" and its Three Pillars
BitMEX founder Arthur Hayes has been promoting ZEC for the past few months, not only declaring that ZEC has the potential to reach $10,000 in the future, but also elevating ZEC to the second most important part of his family office after Bitcoin.
Hayes's $10,000 target price is based on three main arguments: the halving mechanism on November 18 will tighten supply, Grayscale's launch of a $102 million fund provides institutional backing, and the market's continued growing demand for on-chain privacy. These three lines form ZEC's "technological moat," which, in his view, not only supports a high valuation but also reserves a compliance channel in the regulatory environment.
In response to the recent correction in the ZEC bond, Hayes previously emphasized in a public post that short-term volatility requires "necessary patience." He said:
While speculative leverage can increase volatility, a strong fundamental narrative supports a higher price floor and an eventual bull market.
