ZEC Price Surge Crushes Shorts, Tops $20B Market Cap

Zcash (ZEC) has seen its price surge significantly over the past day, pushing it into the top 10 cryptocurrencies by market capitalization.

Roughly $54.3 million worth of leveraged ZEC positions were liquidated over the past 24 hours, with shorts accounting for an overwhelming $48.91 million of the total.

This is a stark contrast to long liquidations, which totaled just $5.39 million. The dominance of short liquidations means that about 90% of all ZEC liquidations came from traders betting on the price falling.

ZEC recently traded around $1,220, up roughly 19% over 24 hours. Its market capitalization has climbed above $20 billion, and it has gained more than 130% over the past month and over 2,700% over the past year.