Zcash Flips Hyperliquid as Leverage Fuels Record-Breaking Rally
Zcash (ZEC) has taken over Hyperliquid (HYPE) as the ninth-largest cryptocurrency by market capitalization, according to CoinGecko data.
This shift comes after a month-long rally that shows no signs of slowing down. ZEC's market cap soared to around $19.80 billion, surpassing HYPE's $19.36 billion.
The price of ZEC has jumped by over 16% in the past 24 hours, trading at $1,170. This is a significant increase from its recent low but still far below its all-time high of $3,191 reached in October 2016.
The rally is largely driven by leverage, with open interest (OI) in ZEC perpetuals reaching a record high of around $2.4 billion on Friday, according to CoinGlass data. This has led to significant short liquidations, with around $34 million in shorts being forced out of the market.