Privacy Coin Zcash Experiences Historic Price Surge
Privacy-focused cryptocurrency Zcash saw a dramatic price increase on Friday, soaring approximately 33% within hours and triggering significant liquidations of short positions.
Price Movement and Liquidations
The token reached nearly $735 on Friday afternoon, rising from $536 just a day before. At the time of writing, it settled around $666, representing a 25% gain over the past 24 hours.
- Over $51 million worth of Zcash short positions were liquidated due to the rapid price rise.
- Zcash-related liquidations ranked third in the crypto market on Friday, behind Bitcoin and Ethereum.
- In total, more than $59 million worth of Zcash positions, including longs, were liquidated.
- For comparison, Bitcoin liquidations totaled $150 million and Ethereum liquidations $146 million according to CoinGlass data.
Long-Term Price Trends
Once relatively obscure, Zcash has been climbing steadily for over a month. After remaining near $40 for more than three years, the token's price surged tenfold in just five weeks starting early October.
According to CoinGecko data, Friday's peak was the highest price seen since January 2018.
Despite this rise, Zcash still trades 79% below its all-time high of $3,191 recorded in 2016.
Market Impact
The rapid upward movement highlights increased interest and volatility within the privacy coin segment, propelling Zcash into broader market attention.
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