Altcoin Massacre Triggers $1.2B in Liquidations as ETH Tanks Below $1.7K and ZEC Gets Smashed

The wild cryptocurrency market moves continue as most assets have produced even higher fluctuations in the past several hours, which has inevitably harmed over-leveraged traders.

The most significant price fluctuation in the past day came from the recent high-flyer Zcash, which crashed after some community members found a vulnerability in its code. This prompted intense backlash including from popular crypto experts, such as Arthur Hayes, who said he had disposed of his entire ZEC position.

The combination of these factors led to a massive and immediate price crash for the privacy token. It went from over $630 yesterday to under $300 earlier today before it recovered some ground and reclaimed the latter.

Naturally, this intense price move led to substantial liquidations with $100 million worth of ZEC longs getting wrecked on a daily basis, according to CoinGlass.

However, ZEC is far from the only crypto asset affected by the overall market-wide wildness. Ethereum continues to underperform, especially since it lost the $2,000 support earlier this week. It plunged to under $1,650 earlier today, which became a new 14-month low.

SOL has dumped by over 7%, HYPE has plummeted by 9%, while ADA is down by another 16% after Cardano’s founder, Charles Hoskinson, said he would be taking a break.

Bitcoin dumped to $61,000 earlier today, but managed to rebound by almost $2,000. The altcoins’ massacre, though, has helped its recovery in terms of market share.

Bitcoin’s dominance, the index that shows how much of the total market cap belongs to BTC, has risen by over 0.5% in just a day after it had dumped from 58% to 55.5% in a week.

The overall liquidation data shows that more than 255,000 over-leveraged traders have been wrecked in the past 24 hours, with total wipe-out value of $1.21 billion. Longs are once again responsible for the lion’s share with $935 million.

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