ZCash defies recent crypto market weakness, extends price growth

ZCash (ZEC) was one of the few major assets to extend its growth, despite the recent crypto market weakness. ZEC held above $1,200, while BTC dipped below the $80,000 level. ZEC traded at $1,241.59, gaining around 2% over the past day, while the rest of the market took a downturn. Trading volumes showed concentrated activity, pushing to a one-week high of $789.16M. Most of the ZEC activity was concentrated on Binance and OKX, some of the key sources of liquidity. ZEC has entered another cycle with expectations of a price drop. ZEC already slid from the $1,600 range for the past month, but the recent price action suggested the price is still unpredictable in the short term and may cause liquidations. ZEC open interest remains elevated, at over $1.5B.

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