Crypto Markets Today: Zcash Surges 9% to Lead Altcoin Market as Bitcoin Stalls Near $108K
Zcash surged over 9% to lead the altcoin market while Bitcoin remained rangebound near $107,800.Summary
While Bitcoin traded indecisively around $107,800 and Ether hovered near $3,830, Zcash (ZEC) continued its significant rally, gaining 9.2% in 24 hours and soaring 461% over the past month. This surge is attributed to growing interest in privacy tokens, as shielded ZEC supply held in non-custodial wallets is constricted, leading to high demand. In contrast, most altcoins faced pressure; ASTER dropped 33% and plasma (XPL) fell 25% as associated hype faded. Bitcoin faces key support at $102,000 and resistance at $120,000, where a breakdown could trigger a bearish trend, while ETH futures open interest hit a record high, suggesting institutional preference for ETH over BTC. Derivatives positioning showed increased ZEC futures open interest, while BTC options traded puts at a premium across all tenors.
(Source：CoinDesk)