Zcash (ZEC) jumped more than 40% on Wednesday after Multicoin Capital, a US-based crypto hedge fund managing $2.687 billion in assets, disclosed it has been quietly building a position in the privacy coin since February 2024.
Co-founder Tushar Jain described Zcash as “the most direct public market vehicle” for exposure to private, censorship-resistant money. He framed the investment as a bet on rising demand for financial sovereignty and privacy tools.
JUST IN: $ZEC breaks above $585 for the first time since November 2025.
The pump follows a disclosure made by Multicoin Capital co-founder Tushar Jain that the firm has been accumulating the token since February. pic.twitter.com/x0SdNgjJdf
— CoinGecko (@coingecko) May 6, 2026
The announcement drove ZEC from an intraday low near $405 to a high of $607. At press time the token was trading around $575, according to CoinMarketCap — a 24-hour gain of roughly 33%.
Jain’s disclosure on X came alongside broader bullish momentum in crypto markets, partly driven by improving US-Iran peace deal hopes, which have lifted risk appetite across the sector.
Crypto analyst Team LAMBO noted that ZEC had surged beyond their projected $500 target, climbing toward $550 and pushing well above the 2.618 Fibonacci extension on the daily chart. The move signaled accelerating momentum and increased trader confidence in the current uptrend, though Team LAMBO flagged that short-term conditions appeared slightly extended.
Our target of 500 is done. It has now reached 550 which is way above 2.618, On the Daily chart, it has exceeded our expectations but on the weekly it is yet to reach the next level,I expect here: 572, 655 and 740.
This has broken out of the bull flag in MARCH… https://t.co/IEbKeWo0J6 pic.twitter.com/yizuYk6Pm3
— Team LAMBO (@TehLamboX) May 6, 2026
Open interest in ZEC derivatives rose 34.21% to $1.37 billion, according to Coinglass. Trading volume increased 281.18%, reaching $7.20 billion — its highest level of 2026.
Daily volume on spot markets also hit nearly $1.6 billion, triggering a wave of short liquidations as bearish traders were forced to close positions at a loss.
The RSI on the weekly chart sits at around 67-70, indicating strong momentum without yet crossing into technically overbought territory. All major EMAs sit below the current price, supporting the broader uptrend structure.
On the weekly chart, ZEC has broken out of a six-month bull flag pattern. That pattern began forming in late 2024 when price consolidated between $20 and $80. A bull flag measures its upside target by projecting the height of the prior uptrend — in ZEC’s case, that puts the target near $800, roughly 40% above current prices.
Analysts are watching $572, $655, and $740 as key near-term resistance levels. Longer-term targets cited by analysts range from $2,000 to $5,000 if broader market conditions remain supportive.
BitMEX co-founder Arthur Hayes posted on X that his target for ZEC is 10% of Bitcoin’s market cap, which would imply prices between $8,000 and $10,000 per coin at current supply levels.
Robinhood listed ZEC on April 23, expanding spot access to 25.9 million funded users including those in stricter jurisdictions like New York.
The upcoming FCMP++ network upgrade, with a testnet phase scheduled for this week, aims to expand Zcash’s privacy capabilities and scalability for shielded transactions. More than 30% of circulating ZEC already sits in shielded addresses, according to ZecHub, reducing liquid supply on exchanges.
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