Zcash Surges Over 17% Amid Market Rally
- On May 20, Zcash (ZEC) surged over 17% in six hours, reaching a market cap of $11 billion.
- The rally triggered $28.25 million in liquidations, with short bets accounting for nearly $26.5 million.
- ZEC’s price peaked at $686 before settling above $660, marking a daily gain of over 10%.
- Weekly gains for ZEC exceeded 25%, with a more than a 90% increase since the start of the month.
- ZEC surpassed Monero’s market cap of $7.3 billion during its rally.
The privacy coin Zcash experienced significant growth on May 20, driven by high-profile endorsements and renewed interest in financial privacy. This surge saw it surpass rival Monero in market capitalization and trigger substantial liquidations in leveraged positions.
Despite some criticism labeling the rise as a short squeeze rather than organic demand, Zcash’s recent performance highlights its potential to challenge major cryptocurrencies like Dogecoin if it continues this trajectory (Source).
