Zcash Surges into Top 10 Amid $212M Crypto Liquidations

Zcash (ZEC) has surged approximately 15% in the last 24 hours, reaching $1,170 and catapulting it into the top 10 cryptocurrencies by market capitalization. This sharp price movement has triggered a wave of liquidations in the cryptocurrency market, with total crypto liquidations reaching around $212 million.

The largest share of these liquidations was due to short positions, accounting for approximately $156 million. ZEC was the most heavily affected, with $45.32 million worth of liquidations. It was followed closely by Ethereum (ETH) at $35.16 million, Bitcoin (BTC) at $16.79 million, and Arbitrum (ARB) at $12.94 million.

A particularly significant short position held by the 'October 10 whale', also known as Garrett Bullish, has been severely impacted. With a 2x leveraged short position of 32,759.57 ZEC worth approximately $38.18 million, the whale's unrealized loss stands at around $23.57 million.