ZEC (Zcash) rose 0.55% in the last 24 hours

Gate News Bot news, on November 21, according to CoinMarketCap, as of the time of writing, ZEC (Zcash) is currently trading at $682.46, with a rise of 0.55% in the last 24 hours, reaching a high of $735.77 and a low of $484.91. The 24-hour volume has reached $2.215 billion. The current market capitalization is approximately $11.138 billion, which is an increase of $60.4 million compared to yesterday.

Important news about ZEC recently:

1️⃣ The battle between bulls and bears intensifies, increasing market volatility.

The forces of bulls and bears in the ZEC market are clearly in confrontation. A trader has achieved a floating profit of 130% on a ZEC short position, with a position size of approximately 19 million USD. Meanwhile, multiple positions with about 20 million USD have a liquidation price ranging from 653 to 655 USD. This confrontation of forces has intensified the market's volatility, reflecting a divergence in investor expectations for ZEC's future.

2️⃣ Large investors adjust strategies, pressure in the short term.

The largest long position holder of ZEC has started to reduce their holdings, decreasing from 60,000 coins to 55,000 coins. The account's unrealized profit has shrunk from a peak of 12 million dollars to 5.15 million dollars, indicating that some large investors are beginning to take profits. This may create short-term pressure on the price of ZEC.

3️⃣ Institutional investors continue to position themselves, with a long-term positive outlook on ZEC development.

Nasdaq-listed Cypherpunk Technologies Inc. has once again invested $18 million to purchase 29,869.29 ZEC at an average purchase price of $602.63. The company's total ZEC holdings have reached 233,644.56 ZEC, accounting for 1.43% of the total supply of the Zcash network. The continued accumulation by institutional investors provides long-term support for ZEC.

From a technical perspective, the ZEC price has encountered resistance and pulled back around the $700 mark, and may face adjustment pressure in the short term. However, on the fundamental side, Zcash's position in the privacy coin sector remains solid, and the continuous involvement of institutional investors reflects confidence in its long-term development. Investors should closely monitor the movements of large holding addresses, changes in the contract market, and the development progress of the Zcash network.

This message is not investment advice, and investors should be aware of market volatility risks.