A dramatic reallocation of capital within digital asset markets has turned Zcash and NEAR Protocol into the standout alternative trades of 2026, according to Bankless co-founder David Hoffman. His thesis, laid out in a Sept. 23 post, frames the rally in the privacy-focused Zcash as a direct echo of Ethereum’s explosive 2021 run.

Hoffman’s core argument rests on the enormous disparity between Bitcoin’s market capitalization and that of smaller assets. Bitcoin currently commands roughly $1.7 trillion in market value. Zcash, even after a remarkable climb, sits near $26 billion. That gap means only a tiny fraction of Bitcoin holders need to allocate capital toward ZEC for the smaller asset to experience outsized buying pressure.

“There’s…