ZEC (Zcash) down 15.12% in the last 24 hours

Gate News Bot Message, November 11th, according to CoinMarketCap data, as of press time, ZEC (Zcash) is trading at $551.54, down 15.12% in the past 24 hours. The price reached a high of $736.51 and a low of $377.08 during this period, with a 24-hour trading volume of $456 million. The current market capitalization is approximately $8.993 billion, a decrease of about $1.602 billion from yesterday.

Recent important news about ZEC:

1️⃣ Large investors reduce holdings to take profits, market sentiment becomes cautious

The largest long position holder in ZEC has begun to reduce their holdings, decreasing from 60,000 to 55,000 coins. This account currently has an unrealized profit of $5.15 million, with an average entry price of $555. Notably, the account’s unrealized gains fluctuated from a peak of $12 million down to less than $1 million, then recovered to $5.15 million. After experiencing significant volatility, the investor chose to trim positions to realize profits, reflecting a cautious market sentiment.

2️⃣ Emerging whale enters, increasing long-short competition

A new crypto wallet deposited 6.27 million USDC into HyperLiquid and initiated a long ZEC order at a price of $504. Meanwhile, another trader deposited 1.15 million USDC and established a 10x leveraged short ZEC position. The influx of new funds and the ongoing battle between bulls and bears have increased volatility in the ZEC market.

3️⃣ Zcash ecosystem expansion, cross-chain applications increase

Zenrock launched the wrapped Zcash token zenZEC, which has accumulated a trading volume of $15 million since launching on the Solana blockchain. zenZEC combines Zcash’s privacy features with Solana’s high speed, providing new DeFi use cases for Zcash holders. Additionally, NEAR Intents supports Zcash wallets like Zashi and cross-chain transactions, further expanding Zcash’s ecosystem.

From a technical perspective, ZEC’s price has experienced significant short-term volatility and may face further adjustments. However, fundamentally, Zcash remains solid in the privacy coin sector, and the expansion of cross-chain applications presents new development opportunities. Investors should closely monitor the movements of large holding addresses, new fund inflows, and the ongoing development of the Zcash ecosystem.

This message is not investment advice; please be aware of market volatility risks.