Zcash Surges Past Hyperliquid, Open Interest Hits Record High
Zcash (ZEC) has surged past Hyperliquid (HYPE) to become the ninth-largest cryptocurrency by market cap, according to CoinGecko data. This move marks a significant milestone in Zcash's month-long rally, which shows no signs of slowing down.
The token's price has jumped over 16% in the past 24 hours, trading at $1,170. Open interest (OI) in ZEC perpetuals hit a record high of roughly $2.4 billion on Friday, indicating that new leveraged positions rather than spot buying alone are driving the move.
However, experts warn that the token is now overbought and vulnerable to a reversal. The 14-day relative strength index (RSI) was 82.18, far above the 'overbought' line of 70, indicating strong momentum but also a rally susceptible to a pullback.
Leverage at a record high, the same crowding that squeezed shorts on the way up could turn just as fast. CoinGlass data showed the biggest single liquidation event of the year wasn't a short squeeze but rather a long wipeout of about $67.6 million in early June as ZEC fell to around $380 after the Orchard vulnerability announcement.