November 7, 2024 — Privacy-focused cryptocurrency Zcash has completed a stunning comeback, catapulting back into the top 20 cryptocurrencies with a market capitalization of $10.9 billion after an unprecedented 750% rally since early October. The dramatic resurgence has seen ZEC flip cycle darling Hyperliquid and capture the attention of crypto’s most influential figures, including former BitMEX CEO Arthur Hayes, who revealed the privacy coin has become the second-largest liquid holding in his family office portfolio behind Bitcoin.
From $75 to $680: The Anatomy of a Parabolic Rally
Zcash’s journey from obscurity to crypto’s hottest asset has been nothing short of remarkable. Trading at just $75 on October 1, 2024, after languishing in a range between $20 and $80 for most of the past three years, ZEC has exploded to over $680 at the time of writing—marking its highest price point since early 2018.
The rally accelerated dramatically in recent weeks. After reclaiming the $200 level for the first time since 2022 by October 10, ZEC shrugged off the largest liquidation event in crypto history and continued its relentless ascent. The privacy coin jumped more than 25% in the past 24 hours alone on Friday, extending gains that have left even the most bullish altcoins in the dust.
Key Price Milestones:
- October 1, 2024: $75 (starting point)
- October 10: $200+ (first time since 2022)
- November 7: $680+ (highest since early 2018)
- Total Rally: 750% in just over 5 weeks
- All-Time High: $3,191 (October 2016, when circulating supply was very limited)
This performance stands in stark contrast to the broader crypto market. While Bitcoin has fallen approximately 18% since October 10, Ethereum has dropped 26%, and the GMCI 30 index—tracking the top 30 digital assets—has slumped 25%, Zcash has defied gravity with one of the most spectacular rallies in recent cryptocurrency history.
Arthur Hayes Makes Bold Move: ZEC Now Second-Largest Holding
Perhaps the most significant endorsement came Friday from Arthur Hayes, co-founder of BitMEX and chief investment officer of family office Maelstrom. Hayes revealed via X that due to Zcash’s rapid price appreciation, ZEC has become the second-largest liquid asset in Maelstrom’s portfolio behind Bitcoin.
“Due to the rapid ascent in price, $ZEC is now the 2nd largest LIQUID holding in the Maelstrom portfolio behind $BTC,” Hayes announced, adding fuel to an already blazing rally.
Hayes, one of crypto’s most respected and influential figures, has long been vocal about privacy concerns in the digital asset space. His endorsement of Zcash carries significant weight, with many viewing his allocation as a validation of the privacy coin thesis. Hayes has called Zcash “insurance against Bitcoin,” positioning the privacy-optional blockchain as a critical hedge in an era of increasing financial surveillance.
The former BitMEX CEO also highlighted Zcash’s potential role in decentralized exchange infrastructure: “$ZEC shielded tx are going to power the next wave of true DEXs. What are your picks for the winners of a true privacy enabled DEX?”
Maelstrom, managed as Hayes’ family office, focuses on long-term investments across venture, liquid, private equity, and public markets, with emphasis on infrastructure companies and assets forming the foundation of decentralized systems. The significant ZEC allocation signals Hayes’ conviction that privacy technology will be fundamental to crypto’s next phase of adoption.
Flipping Hyperliquid: A Symbolic Victory
Zcash’s climb to a $10.9 billion market cap enabled it to flip Hyperliquid (HYPE), one of this cycle’s most celebrated projects, which sits at $10.8 billion. The overtaking is particularly symbolic given the contrasting narratives: Hyperliquid represents the cutting edge of decentralized perpetual exchanges and high-frequency trading infrastructure, while Zcash embodies the original cypherpunk vision of financial privacy.
The flip demonstrates shifting market sentiment, with capital rotating from pure DeFi plays into privacy-focused protocols as concerns about surveillance and regulatory overreach intensify globally.
Current Top 20 positioning shows ZEC has reclaimed a spot it held during previous bull markets, joining the ranks of established cryptocurrencies after years in the wilderness. For context, Zcash peaked at #7 in market cap rankings during the 2017-2018 bull run.
