ZEC Dives Below $1,100 as Cryptocurrency Market Selloff Triggers Altcoin Pullback

A market downturn sparked by hotter-than-expected US producer price index data led to a significant decline in cryptocurrency values. Zcash (ZEC) dropped below $1,100 before recovering to trade just above $1,090 at press time. The nearly 10% slide reduced its market capitalization from over $20 billion to $18.5 billion.

Several other high-cap altcoins also suffered losses, including XRP, which fell 3%, and SOL, which dropped below the $100 mark after a 1.7% decline. Bitcoin Cash plummeted 8.5%, while ADA, LINK, and XLM declined by 5.8%, 4%, and 3.3%, respectively.

However, a handful of altcoins bucked the trend, with NEAR rising 0.6% to bring its weekly increase to 20%. GATE and BITWAY also gained, each increasing by 7%.