Arthur Hayes stated that Zcash has become the second largest holding of his family company after Bitcoin.

Arthur Hayes, co-founder of BitMEX, has just revealed that Zcash (ZEC) is now the second largest investment in his Maelstrom family office, only behind Bitcoin (BTC).

“Due to the recent strong price increase, ZEC has become the second largest liquid asset in the MaelstromFund portfolio, only after BTC,” Hayes shared in a post on social media X on Friday.

This information comes in the context of Zcash witnessing impressive growth, from a low of $137 to over $730 in just one month, equivalent to an increase of over 400%.

Other privacy-focused cryptocurrencies also witnessed significant growth over the past week, such as Dash (DASH), Decred (DCR), and ZKsync (ZK), all increasing over 100%. In contrast, major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have remained within a narrow trading range due to overall market uncertainties.

Zcash decreases by 12% after a meteoric rise

As of now, ZEC is trading at $548, down about 11.8% in the last 24 hours, with a market capitalization of $8.9 billion according to data from Coinphoton. The trading volume remains high, with total transactions in the last 24 hours increasing by 139%, reaching $4.63 billion.

ZEC decreases after a strong price surge | Source: CoinphotonThe circulating supply of Zcash currently stands at 16.28 million ZEC, with a maximum supply of 21 million. The fully diluted valuation (FDV) of this coin is currently around $11.5 billion USD.

The special hybrid model of Zcash, supporting both transparent and private transactions, has made this coin a more attractive option in the market. Similar to Bitcoin, Zcash has a fixed supply of 21 million coins and is secured by a proof-of-work mechanism (PoW).

The return of Zcash is driven by the privacy protection movement from the community.

Mr. Alex Bornstein, CEO of the Zcash Foundation, stated that the recent strong resurgence of Zcash is entirely driven by the actual demand from the community, as concerns about government surveillance and data control are increasing. In Cointelegraph's Chain Reaction program, he remarked that the renewed interest in Zcash reflects a “powerful story” about digital privacy and financial freedom.

Mr. Bornstein affirmed that the Zcash Foundation, a non-profit organization registered in the U.S., “is completely unrelated” to the new wave of attention given to ZEC. “We were truly surprised when this information started to emerge. The spread and peak of interest was unexpected,” he shared.

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