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- Bitcoin has once again surpassed the US$80,000 mark, driving the overall market capitalization of cryptocurrencies to its peak since early 2026.
- Zcash stands out with over a 15% increase, bolstered by a report from Grayscale highlighting its privacy features.
- Comments from Fed Governor Waller regarding a potential pause on rate hikes, combined with widespread liquidations in BTC, ETH, and ZEC, further fueled the market surge.
In the last 24 hours, the cryptocurrency market cap has risen by 4.35%, reaching US$2.72 trillion (approximately AU$3.77 trillion), marking its highest level since early 2026. This surge coincides with Bitcoin trading above US$80,000 (AU$110,980), currently priced at US$80,821 (AU$112,120)—a 4% rise within a day.
Other altcoins have also seen gains, including Ethereum (+4%), XRP (+5.8%), and Solana (+3.18%), but Zcash (ZEC) exhibits the most significant growth among leading altcoins.
ZEC Takes the Lead
ZEC has surged by 15.49% over the past 24 hours, currently trading at US$947.07 (AU$1,313). This impressive rally cannot be attributed to a single piece of news; rather, it appears to be driven by multiple supportive factors.
A recent Grayscale Research report highlights the risks of AI-era surveillance and positions ZEC as a vital privacy mechanism, thus reviving interest in the token. Additionally, ZEC has been experiencing a notable uptrend with substantial derivatives trading and close liquidation clusters, making it susceptible to major moves from relatively small order flows.
Explore more: Bitcoin ETFs Make a Comeback While XRP Funds Enjoy 11-Day Inflow Streak
Furthermore, buzz on social media coupled with various trading strategies circulating online have heightened short-term volatility, likely contributing to the recent spike. This situation reflects leveraged continuation of a positive trend rather than a response to any new significant news.
Market momentum was further influenced by remarks from Fed Governor Christopher Waller, who expressed a tendency to support a rate hold if inflation stabilizes.
Additionally, data from Coinglass indicates that over 96,000 traders were liquidated, resulting in total liquidations of US$544.68 million (AU$754.49 million). This includes US$251.03 million (AU$348.13 million) from Bitcoin shorts and US$82.04 million (AU$113.77 million) from ETH shorts.
Interestingly, ZEC traders experienced liquidations totaling US$22.47 million (AU$31.16 million), comprising US$1.41 million (AU$1.95 million) from long positions and US$21.06 million (AU$29.2 million) from shorts.
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