On October 27, 2025, Zcash (ZEC) experienced a dramatic surge, climbing approximately 30% to reach a price of $364.16. This rally propelled its market capitalization to a new all-time high, nearing $6 billion. The move was largely ignited by a “vibe check” post from BitMEX co-founder Arthur Hayes, who set a bold price target of $10,000 for ZEC.
The Catalyst Behind the Rally
The single most powerful driver for this explosive move was the influence of a major figure in the crypto space. Arthur Hayes’s public endorsement and his $10,000 price prediction for ZEC sparked a wave of market activity. Analysts observed that this created a “reflexive cycle”, where traders, fearing they might miss out (FOMO), began buying after seeing social media content, which in turn amplified the hype and drove the price higher.
This was not an isolated event but the culmination of several positive developments for Zcash. As one analyst pointed out, the momentum was supported by multiple structural catalysts, including the launch of a Grayscale Zcash Trust, new exchange listings like Hyperliquid, and discussions around the project’s upcoming halving event. These factors converged to create a perfect storm of bullish sentiment.
A Closer Look at the Market Pulse
While the surge is impressive, it has also placed ZEC in technically overbought territory. The Relative Strength Index (RSI) reached a high of 79, a level that often signals a potential pullback as buyer momentum may become exhausted. For traders and investors, key technical support is now seen at the $281.35 level. A decisive break below this support could signal a deeper correction, with some analysts noting a potential test of the $240 zone.
The sustainability of this rally is a point of discussion among experts. Some analysts view the current setup as a strong upward trend, comparing the fervor to early Bitcoin and Ethereum markets. However, a note of caution comes from other industry observers who highlight that such hype-driven rallies can sometimes lead to situations where coordinated buyers exit their positions, leaving others at a loss.
Navigating the Hype and the Horizon
For market participants, this event underscores the powerful combination of influencer impact, underlying project developments, and market structure. The dramatic price increase shows how quickly liquidity and sentiment can shift in the digital asset space.
Looking ahead, the market will be watching to see if the positive momentum can be sustained beyond the initial hype. The key factors to monitor will be continued institutional interest through products like the Grayscale trust, the technical price action around new support and resistance levels, and the broader market’s ongoing assessment of privacy-focused cryptocurrencies like Zcash.
