Zcash Tumbles More Than 10% in 24 Hours as Long Liquidations Hit $28.74 Million, the Highest
Summary
- Zcash (ZEC) has plunged more than 10% over the past 24 hours, standing out as one of the weakest major altcoins.
- ZEC's losses appear to have deepened after the token nearly doubled this month and then came under concentrated profit-taking.
- According to CoinGlass, ZEC's liquidation amount reached $28.7393 million over the past 12 hours, the highest among all cryptocurrencies.
Forecast Trend Report by Period
Zcash (ZEC) has fallen more than 10% over the past 24 hours, making it one of the weakest-performing major altcoins.
Crypto-focused media outlet BlockBeats reported on September 29 that ZEC fell to as low as $1,356 intraday, pushing its 24-hour loss to 10.7%. It later traded in the $1,380 to $1,400 range.
The token's decline appears to have accelerated as concentrated profit-taking followed a near-doubling in price this month. In the futures market, a buildup of long positions was also unwound as prices tumbled, triggering a chain of liquidations.
CoinGlass data showed ZEC liquidations totaled $28.7393 million over the past 12 hours, the largest among all cryptocurrencies. Over the same period, liquidations in Ethereum (ETH) and Bitcoin (BTC) came to about $15.58 million and $15.08 million, respectively.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.