Just have to remember there's about 215 000 new ZEC/ZCL/ZEN every month and to maintain the current prices markets have to eat quite a lot of new coins. Monthly volume is no where near in those levels it could absorb current emission so I believe there's a big hoarding going on from miners. Market cap rises fast just because of the emission. If the prices spike more from now we could see a big correlation once miners stop hoarding and cash out against fat buy support. Which sounds very crypto-like.
Yeah, the entire cryptosphere is in a bubble right now, so everything is enjoying a high at the moment. You're posting a sensible view that, unless there's enough demand, these could see lower values. ZClassic hit above $10 recently,
meaning it's now returned over 34 multiples from its low to high.