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Zcash bets turn into second-largest liquidations behind bitcoin as ZEC rockets 30%
Key takeaways
- Zcash (ZEC) ripped nearly 30% over 24 hours to $543 in Asian hours Tuesday, taking its weekly gain to 60% and its 30-day return to over 110%, per CoinGecko data.
- Volume crossed $1.3 billion in the past day and the rally triggered nearly $62 million in total liquidations across roughly 5,000 traders.
- The price surge came as prominent crypto fund Multicoin Capital disclosed it had been building a significant ZEC position since February.
Zcash (ZEC) ripped nearly 30% over 24 hours to $543 in Asian hours Tuesday, taking its weekly gain to 60% and its 30-day return to over 110%, per CoinGecko data.
Volume crossed $1.3 billion in the past day and the rally triggered nearly $62 million in total liquidations across roughly 5,000 traders. Of that, almost $60 million was shorts while longs lost just over $3 million, making ZEC-tracked futures the second highest liquidations behind bitcoin in an unusual move.
The price surge came as prominent crypto fund Multicoin Capital disclosed it had been building a significant ZEC position since February.
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