Zcash Blasts Past Top 10 Amid Wild Crypto Market Liquidations
Zcash has become the newest member of the top 10 cryptocurrencies by market capitalization after surging approximately 15% in the last 24 hours. The cryptocurrency reached $1,170 before rising even further. This sudden price movement triggered a wave of liquidations in the crypto market.
According to CoinGlass data, total crypto liquidations reached approximately $212 million in the last 24 hours. Of this, about $156 million was due to the liquidation of short positions. ZEC was the cryptocurrency with the most liquidations during this period, with approximately $45.32 million.
The sharp price movement in ZEC also propelled it into the top 10 cryptocurrencies by market capitalization. A large short position on Hyperliquid held by Garrett Bullish, previously known as the 'October 10 whale', reportedly resulted in a significant loss after the rise in ZEC.