Zcash Whales Offload Holdings on the Coin’s 9th Anniversary

**Jakarta – ** Zcash (ZEC), a privacy coin launched on October 28, 2016, experienced selling pressure from big players right on its birthday. Within 24 hours, the price of ZEC fell 8.5% and was trading at $325. Its market capitalization fell to just under $5.3 billion, with trading volume reaching $784 million. On October 27, Zcash was the 25th largest crypto. However, it has now dropped to 26th place.

Zcash (ZEC) Experiences Selling Pressure from Large Investors

A market analyst revealed that retail investors have been actively buying ZEC lately, but the current spot activity is considered overheated.

In other words, small investors are busy accumulating ZEC, while the big players are taking profit. To offset the ongoing selling pressure, ZEC needs stronger interest from whales and institutional investors.

Zcash open interest still high, price volatility could increase further

Zcash’s (ZEC) total open interest (OI) is still above $520 million – close to its all-time record high, according to market data. This increase in OI indicates that traders and short-term holders have been very active in ZEC’s recent price movements. However, this may also trigger higher price volatility, especially during position liquidation.

Data shows that traders over the past week have consistently bet on a ZEC price correction. The liquidation of short positions briefly pushed the price up to local highs, but if the liquidation of long positions starts to happen, ZEC could experience a deeper drop.

Some investors had hoped that Zcash could set another all-time high, but that target now seems unrealistic given the current market conditions. To reach ZEC’s 2016 ATH of $5,941 again, the coin would need a market capitalization of $97 billion – a figure that is far from the current market capitalization. ZEC’s circulating supply stands at 16.28 million coins.

Disclaimer This content aims to enrich readers’ information. This information is collected from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.