Arthur Hayes, co-founder of the popular cryptocurrency exchange BitMEX, has significantly increased his investment in Zcash (ZEC), predicting it could reach a value of $10,000. The move places Zcash as a key asset within his family office portfolio and highlights its potential for growth amidst growing interest from institutional investors.
Hayes shared his bullish outlook on Zcash recently, noting that while his holdings are currently below target, he intends to increase them if the price dips. This follows recent market-moving gains of over 920% in just a few months, with ZEC surging from under $50 to nearly $461.12 on Binance.
Zcash’s rally has been significant and continues to propel it to new heights. Despite facing short-term volatility, the asset remains resilient as it consolidates around multi-year highs, fueled by increased buying pressure and rising trading volume. This trend has led to Zcash achieving strong performance in a market known for its instability.
Hayes’ confidence in Zcash is reflected in his family office portfolio, where it ranks second only to Bitcoin. His belief underscores the growing interest in privacy-focused cryptocurrencies and their potential for significant investment.
Looking ahead, Zcash faces some short-term headwinds with a recent 11.35% price decline over 24 hours. However, its robust market capitalization of $7.6 billion and active trading volume of $2.33 billion demonstrate a strong foundation for continued growth despite the fluctuations. The future remains promising for Zcash, driven by Hayes’ bullish outlook, institutional interest, and strong underlying fundamentals.
The article was originally published on 36Crypto.