"Bears were completely wrong"...Zcash and Hyperliquid named as coins to rise with Bitcoin

▲ Zcash (ZEC), Ethereum (ETH), XRP (XRP)/AI-generated image

An analysis suggests that the Bitcoin (BTC) bearish sentiment misjudged the market trend. Cryptocurrency analyst Taiki Maeda claims that Bitcoin has formed a bottom at $60,000, presenting Zcash (ZEC), Hyperliquid (HYPE), and Bitcoin as core portfolio assets. However, XRP was not included in his altcoin candidate list.

According to Benzinga on May 19 (local time), Maeda stated that when Bitcoin was around $66,000 last month, the cryptocurrency Fear & Greed Index fell to its lowest level in history. He explained that the fear sentiment at the time was more extreme than during the 3AC collapse, the Luna crisis, or the COVID-19 market crash.

Maeda diagnosed that selling pressure in the market had been exhausted after months of liquidations and capitulation selling. He further noted that Michael Saylor's Strategy Bitcoin purchases acted as a catalyst for the price rebound. Saylor bought $1.5 billion worth of Bitcoin in March, $3.5 billion in April, and $2 billion in May. Maeda analyzed that the price increase created a positive feedback loop, attracting additional buying interest.

Zcash was first mentioned as an altcoin candidate. Maeda described Zcash as an insurance-like asset to prepare for Bitcoin's centralization risk, quantum risk, and privacy concerns. Referring to Saylor controlling 4% of Bitcoin's supply, he stated, "Zcash is insurance for Bitcoin." He added, "If Bitcoin rises, Zcash will rise with it."

Zcash was evaluated to have shown a breakout trend on the monthly chart after approximately 10 years of price movement. Zcash follows the same 4-year halving cycle as Bitcoin, with its last halving occurring in November 2024. Maeda stated that he first purchased Zcash at $388, then made additional purchases at $598 and $550, bringing his average purchase price to $500.

Hyperliquid was also presented as a key candidate. Maeda evaluated Hyperliquid as a leader in the perpetual contract market. He believes that while most long-tail assets may disappear, trading volume will concentrate on real-world assets like gold, crude oil, and stocks. He explained that crude oil price discovery recently occurred on Hyperliquid during conflict situations, and some traders are accessing the platform even from restricted areas to check pre-IPO market prices.

Maeda stated that Hyperliquid's daily open interest in real-world assets is increasing. He also cited the structure where most profits return to HYPE tokens, the absence of venture capital, generous airdrops, and the image of a humble founder as positive factors.

He argued that the next bull market would be led by coins with a structure where participants mutually benefit, rather than meme coins or venture capital-centric, unsubstantiated projects. Maeda emphasized that for the cryptocurrency industry to maintain higher price trends, it must break away from fraudulent cyclical structures and return to the cypherpunk ethos.

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