Crypto veteran and BitMEX co-founder Arthur Hayes predicts that only one altcoin will remain in an uptrend amid the market’s ongoing tight liquidity conditions.

In a new blog post, Hayes says that privacy-focused altcoin Zcash (ZEC) has all the ingredients to outperform the crypto market in the weeks ahead after Bitcoin (BTC) plummeted to the $89,000 level this week, dragging alts down with it.

“Over the weekend, I raised our USD stables position in anticipation of lower crypto prices. The only crypto I believe can outrun the negative dollar liquidity situation in the short-term is Zcash (ticker: $ZEC). With AI (artificial intelligence), big tech, and big government, privacy across most sectors of the internet is dead.

Zcash and other privacy cryptos using zero-knowledge proof cryptography are humanity’s only chance to fight this new reality. That is why [former Coinbase chief technology officer (CTO) Balaji Srinivasan] and others believe the privacy meta-narrative will drive crypto markets for many years to come.”

Earlier this month, Hayes said that Zcash could soar more than 3,064% from its current value due to the strength of the project’s anonymous features and coin swap mechanics.

“I think that 10 to 20% of the value of Bitcoin quite quickly is something that Zcash could achieve. There is your $10,000 to $20,000 price target on Zcash.”

Zcash is trading for $632 at time of writing, up more than 1,225% on the year. Meanwhile, Bitcoin is trading for $92,597 at time of writing, up marginally on the day.