Zcash surges 20% in 24 hours to $1,023, briefly entering the top 10 cryptocurrencies by market cap.
Macro & Markets ·
Zcash surged approximately 20% over 24 hours to reach around $1,023, temporarily claiming the tenth position among cryptocurrencies by market capitalization at roughly $16.96 billion, according to Binance market data. The asset has recorded steeper gains across longer timeframes, rising about 94% over the past month and more than 2,300% year-to-date.
The rally corresponded with notable activity in derivatives markets. Futures open interest in ZEC reached around 2.3 million coins, representing approximately $2.3 billion in notional value. Over the same 24-hour window, roughly $36.6 million in leveraged positions were liquidated, with short liquidations accounting for about $34.5 million of that total.
The extent to which ZEC will sustain its top-ten ranking remains unclear, as the material indicates it "briefly" held that position. No information is provided regarding the drivers of the price move, the timeline over which these gains accumulated intraday, or whether the spike reflects sustained buying pressure or volatility.