Zcash Drops 8.5% Amid Sell-Off by Large Holders
Zcash (ZEC) Market Update
- Zcash, a privacy-focused cryptocurrency, experienced an 8.5% price drop in the last 24 hours, currently trading at $325.
- The market cap fell below $5.3 billion, with a trading volume of $784 million.
- Zcash briefly became the 25th-largest cryptocurrency but has now fallen to the 26th position.
- According to CryptoQuant CEO Ki Young Ju, retail investors are purchasing ZEC while large players sell off their holdings.
- Total open interest for Zcash remains high at over $520 million, indicating active trader involvement and potential for high volatility.
- Short liquidations have pushed prices to local highs, but long liquidations may lead to further declines.
- Breaking Zcash's 2016 all-time high would require a market cap of $97 billion, which appears unlikely under current conditions.