Privacy Coin Zcash Surges Near 8-Year High
Over $51 million worth of Zcash short positions were liquidated on Friday amid a sharp price increase, with the privacy-focused Bitcoin alternative rising 74% this week alone.
Zcash experienced a rapid 33% jump within hours Friday, pushing the token's price from $536 on Thursday to nearly $735 by Friday afternoon. It later stabilized around $666, still representing a 25% gain in the past 24 hours.
Liquidations and Market Impact
This dramatic price movement made Zcash the third most liquidated crypto asset on Friday, following only Bitcoin and Ethereum. CoinGlass data shows total Zcash liquidations surpassing $59 million, including both long and short positions. For comparison, Bitcoin saw $150 million and Ethereum $146 million in liquidations.
Historic Price Growth
Zcash, once a relatively obscure cryptocurrency, has been on a strong upward trend for more than a month. After remaining near $40 for over three years, its price started climbing in early October and has since increased tenfold in five weeks. CoinGecko data confirms Friday’s peak as the highest price since January 2018.
“Even so, at its current price, Zcash remains 79% below the all-time high mark of $3,191 set back in 2016.”
Author's summary: Zcash’s recent surge has liquidated millions in short positions, signaling a dramatic rebound after years of stagnation and nearing its highest value in nearly eight years.