The New Crypto Bull Market Could Be Coming. I Predict That These 3 Coins Will Lead It.

If a new crypto bull market takes hold in the coming quarters, as I expect it will, I predict Bitcoin (CRYPTO: BTC), Zcash (CRYPTO: ZEC), and Hyperliquid (CRYPTO: HYPE) will be the assets that lead the market cycle that follows. Right now, Zcash and Hyperliquid are two of just a small handful of the top 25 cryptocurrencies that are priced at levels above where they were before Bitcoin's most recent bull market peak in late 2025.

Bitcoin hasn't yet beaten its prior record high, but it will still likely reprise its role as the sector's leader. Here's why.

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Bitcoin ETF inflows are foreshadowing a major leg up

Historically, crypto market cycles have tended to follow a particular script, and that script will probably be repeated quite soon. The gist of it is that typically Bitcoin rallies off its bear market lows, then stalls while the other crypto majors run, before then climbing again.

Bitcoin has already completed the first two of those steps, rising by 27% from its bear market bottom on June 30 to reach a price of $78,558 as of Sept. 14. Per Coinbase Research, positioning began tilting toward smaller coins in late August 2026, while capital flowed into U.S. spot Bitcoin exchange-traded funds (ETFs), bringing their total net inflows to more than $55.6 billion. On Sept. 3 alone, the ETFs saw net inflows of $730.8 million.

That speaks to the thesis that institutional investors and flows will be major drivers for a new crypto bull market. And, in case it wasn't obvious, despite what some may have been saying just a few months ago, Bitcoin isn't dead, which means that if history repeats itself, it will be picking up even more momentum fairly soon.

Privacy assets are in vogue, and Zcash is the biggest and best

Zcash shares Bitcoin's 21 million coin supply cap and adds features like optional transaction privacy. One indicator that it will be a popular asset this market cycle is that Grayscale's The Zcash ETF, the first spot fund for the coin, launched on Aug. 25. So the coin now has a new vehicle for growth, via capital inflows from the traditional financial system.

Privacy coins as a group were worth $29.9 billion as of Sept. 14, up from $7.1 billion a year earlier, with Zcash supplying most of the growth. What's more, its Bitcoin-like supply policy makes it a store of value, which, when paired with its privacy capabilities, makes it especially appealing for those who want to protect their funds from potential expropriation. That could be a growing concern over the coming years as inequality continues to skyrocket.

Some Bitcoin demand will thus likely drift to Zcash, particularly after Bitcoin's price has increased substantially and is starting to look richly priced to investors.

Can Hyperliquid stay ahead of its rivals?

Hyperliquid is a decentralized crypto exchange (DEX) that's especially popular for trading perpetual futures contracts. The reason it's likely to be a leader in this market cycle is that it continues to innovate even after performing well during the bear market, with its price up more than 200% so far this year.

Hyperliquid's standout feature as an investment is that about 99% of its transaction fees are routed to fund automatic buybacks of its token, which had burned (permanently destroyed) 4.9% of its original supply as of Sept. 14. That heavily incentivizes investors to keep holding through volatility, and it also speaks to the consistently meaningful level of activity on its exchange.

Furthermore, anyone can launch their own markets on Hyperliquid by staking 500,000 HYPE tokens, so the chain can expand its exchange activity without using any of its own capital. But competition is a major concern, as its main rivals, Aster and Lighter, eroded its share of on-chain perpetual contract trading from 71% in May 2025 to 38% by September 2025, per CoinDesk; its share of that market is now 66%, so it has some demonstrated staying power.

As of May 15, there are also Hyperliquid ETFs that could contribute to bidding up its coin, and none of its competitors can say the same. So, between its holder-friendly token and its strong performance against encroachment on its territory, not to mention its potential to capture major ETF inflows, I think Hyperliquid will continue to be a leader in any new bull market.

Alex Carchidi has positions in Bitcoin, Hyperliquid, and Zcash. The Motley Fool has positions in and recommends Bitcoin and Hyperliquid. The Motley Fool has a disclosure policy.