ZEC plunged from 1260 to 885 in a week, down 30%.
BTC was down around 12% over the same period, so it fell more than twice as hard as the broader market.
Honestly, before last week it was still one of this year’s most resilient coins. It was hovering around 480 in mid-August, then surged to 1653 by the end of September, more than tripling in just over a month. BTC had already started heading down by then, but ZEC was still hitting new highs, fueled by all the hype around the privacy-coin narrative.
It’s now down 46% from its 9/27 peak.
The crazy thing is, even after getting crushed like this, it’s still up 80% since August, with a market cap of $15.1 billion—way above Monero’s $9.8 billion. When the broader market turns weak, the assets that have run up the most are the first people sell for cash. It’s not really about privacy-coin fundamentals; it’s simply where the biggest unrealized gains are.
It’s down another 7.8% in the past 24 hours today, while Monero is only down 2.4%. Damn, both are billed as privacy coins, but the difference stings.
BTC is hovering around 66,000, and ETFs are still seeing outflows. Until the broader market stabilizes, these high-priced holdings will probably keep getting sold off. The 1000 level has already given way; below that, the next area to watch is just above 800, where the rally that began in late August took off.
#ZEC #隐私币 #BTC #CryptoMarket
$ZEC $BTC
BTC was down around 12% over the same period, so it fell more than twice as hard as the broader market.
Honestly, before last week it was still one of this year’s most resilient coins. It was hovering around 480 in mid-August, then surged to 1653 by the end of September, more than tripling in just over a month. BTC had already started heading down by then, but ZEC was still hitting new highs, fueled by all the hype around the privacy-coin narrative.
It’s now down 46% from its 9/27 peak.
The crazy thing is, even after getting crushed like this, it’s still up 80% since August, with a market cap of $15.1 billion—way above Monero’s $9.8 billion. When the broader market turns weak, the assets that have run up the most are the first people sell for cash. It’s not really about privacy-coin fundamentals; it’s simply where the biggest unrealized gains are.
It’s down another 7.8% in the past 24 hours today, while Monero is only down 2.4%. Damn, both are billed as privacy coins, but the difference stings.
BTC is hovering around 66,000, and ETFs are still seeing outflows. Until the broader market stabilizes, these high-priced holdings will probably keep getting sold off. The 1000 level has already given way; below that, the next area to watch is just above 800, where the rally that began in late August took off.
#ZEC #隐私币 #BTC #CryptoMarket
$ZEC $BTC