Crypto Market Rally Decimates Shorts as BTC Tops $80,000 with Altcoin Leaders
The cryptocurrency market experienced a broad-based rally on September 7, with Bitcoin (BTC) firmly holding above $80,000. This surge led to massive short liquidations in the derivatives market, with over 70,000 traders being liquidated and total liquidations reaching $231 million.
Among the altcoins, ZEC and HYPE led the charge, hitting new all-time highs. ZEC's price briefly broke above $1,200, while its market cap exceeded $21 billion. HYPE approached $90 with a market cap of over $22 billion, making it the ninth-largest cryptocurrency by market capitalization.
The token with the largest liquidation was not BTC but ZEC, at nearly $50 million, followed closely by ETH. This shift in volatility from BTC to altcoins reflects the increasingly dynamic nature of the crypto market.