BitMEX co-founder Arthur Hayes suggests Zcash could surpass XRP in market cap, citing ZEC’s recent 43% surge and privacy focus.
BitMEX co-founder has continued to make bullish comments. These are comments relating to Zcash. He recently disclosed it as the second-largest liquid holding of his fund. This is after Bitcoin. This time around, he has announced that ZEC is a better altcoin than XRP. He is pointing out the former could exceed the latter in terms of market cap.
In an X post, the BitMEX co-founder stated that Zcash is greater than XRP. He suggested it could take the lead of XRP in market cap. Zcash is at the 12th largest crypto asset position right now. It has a market cap of $10 billion. XRP, on the other hand, has a market cap of $135 billion.
Meanwhile, Hayes also made known that he had purchased more ZEC. This was towards the middle of its recent uptrend. As CoinGape previously reported, Zcash is the second largest liquid holding in the BitMEX founder’s fund. It trails only Bitcoin.
Zcash, a privacy-oriented cryptocurrency, has been on an astonishing rise this week. This was happening even as market turmoil has hammered most other major cryptocurrencies. The wider equities market was also hit.
Related Reading: Crypto News: Zcash (ZEC) Surges 20% After Arthur Hayes Sets Bold Price Target | Live Bitcoin News
The privacy coin has surged 43%. It rose to $743 since Thursday. During the same period, Bitcoin has declined 2%. It dropped to $95,800. Ethereum has been relatively stable. This contrasting performance is a testament to Zcash’s special market resilience.
Despite Zcash’s rally, XRP boasts of its higher market capitalization. It’s focus on regulatory compliance puts it in a different niche. Its proven application in cross-border payments also helps. This wider appeal plays to traditional financial institutions.
The debate is part of a larger divide in the crypto industry. It is between privacy-focused assets such as Zcash. It also features compliance-oriented ones such as XRP. While there has been an increase in Zcash’s market cap, the trading volume remains low. The overall market presence of it is also lagging to XRP’s market presence.
Zcash has experienced a tremendous increase in value over the last year. One report indicates a growth of more than 1082%. Another report shows a 1,180% increase over the last 3 months. This dramatic increase reflects its strong momentum.
Increased interest in Zcash is also demonstrated. The cryptocurrency has been attracting attention. This is because of its privacy-preserving technology. Winklevoss Capital (led by Tyler Winklevoss) is funding a new Zcash treasury company. This firm is known as Cypherpunk Technologies. It is seeking to obtain a substantial amount of the ZEC supply. This institutional support is a sign of increasing confidence.
Zcash maintains its lead in terms of privacy. The privacy narrative has been really adopted. ZEC has taken almost all the upside. It achieved a 10x move from lows. Other privacy tokens fall behind. For example, TORN recently reached a fresh TVL all-time high of $1.23B. However, it has been completely dwarfed in ZEC in terms of price action.
Despite this move, Zcash has still not gained any mainstream attention. Global search trends still indicate Zcash trailing behind Solana and XRP. Time will tell whether this dominance will lead to a larger privacy renaissance. Or if the market has already selected its winner. Hayes’s bullish position, however, keeps the conversation alive.
Read more on Live Bitcoin News
