Analyst filbfilb developed several models comparing Zcash (ZEC) to Bitcoin using transaction activity, transferred value, and circulating supply. At the equivalent issuance stage, ZEC’s activity represents approximately 3.71% of Bitcoin’s, implying a theoretical price of around $254. Taking shielded transactions into account (58% assumed), the network progress rate reaches approximately 8.03%. Under the most optimistic convergence scenario (100% Bitcoin value capture), the implied ZEC price would be around $7,480, versus $1,870 for a 25% scenario. At current levels near $1,300, ZEC already appears relatively expensive compared to what its network has actually achieved.
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