ZEC leads $212M in liquidations after 15% price surge

Zcash (ZEC) has risen by around 15% in 24 hours to approximately $1.170, triggering the biggest wave of forced liquidations on the crypto market. According to data from CoinGlass, total liquidations in that period climbed to about $212 million, of which roughly $156 million consisted of short positions that were liquidated.

In brief:

• ZEC rose by around 15% and led the list with $45.32 million in liquidations
• Total crypto market liquidations reached $212 million in 24 hours, largely short positions
• Ethereum and Bitcoin followed with $35.16 million and $16.79 million respectively

ZEC far ahead of Ethereum and Bitcoin

The liquidation heatmap shows that ZEC caused by far the biggest losses for traders who had bet on a price decline. With $45.32 million in liquidations, ZEC was well above Ethereum, which recorded $35.16 million in forced closures.

Bitcoin followed in third place with $16.79 million, ahead of Arbitrum (ARB) with $12.93 million and Solana with $11.66 million. The fact that the vast majority of liquidations involved short positions suggests that many traders did not see the sudden price surge in ZEC coming.

Broad market feels the strain

The heatmap shows that the damage was spread widely across the market. Alongside major names such as Bitcoin and Ethereum, smaller coins were also hit. The ‘other’ coins category together accounted for $15.92 million in liquidations.

Bitcoin itself was trading at around $79.683 at the time of writing, a fairly flat 24-hour move of 0.1%. Earlier this week, the Bitcoin price approached a crucial decision point around $80.000. The wave of liquidations in ZEC therefore appears to be separate from the broader Bitcoin move and more the result of a specific price movement in ZEC itself.