The volatile cryptocurrency market continued its wild swings over the past 24 hours, inflicting heavy losses on over-leveraged traders as many digital assets saw sharp intraday moves.
The most dramatic drop involved Zcash (ZEC). The privacy-focused token collapsed after community members discovered a vulnerability in its code, triggering a wave of criticism from market observers and prominent figures. Notably, Arthur Hayes stated that he had liquidated his entire ZEC position. The revelation sparked panic selling and a rapid price collapse — ZEC fell from above $630 yesterday to under $300 earlier today before recovering some of its losses.
That plunge produced large forced liquidations: CoinGlass data shows roughly $100 million in ZEC long positions were wiped out in a single day. But ZEC was not the only asset hit by the turbulent market.
Ethereum continued to struggle after losing the $2,000 support level earlier this week. ETH dropped below $1,650 at one point, marking a fresh 14-month low. Other major altcoins also suffered notable declines: Solana (SOL) slid more than 7%, HYPE fell around 9%, and Cardano (ADA) plunged roughly 16% after founder Charles Hoskinson announced he would be taking a break.
Bitcoin experienced its own volatility, dipping to about $61,000 before rebounding nearly $2,000. The severe losses across altcoins, however, have helped BTC reclaim market share. Bitcoin’s dominance — the measure of how much of total crypto market capitalization belongs to Bitcoin — climbed by over 0.5% in a single day, recovering after a weekly drop from roughly 58% to 55.5%.
Liquidation figures underscore the breadth of the sell-off. In the past 24 hours, more than 255,000 traders were liquidated, with total wiped-out positions amounting to approximately $1.21 billion. Long positions bore the brunt of the damage, accounting for about $935 million of the total liquidations.