Broad Crypto Rally Decimates Shorts as BTC Tops $80,000, ZEC and HYPE Hit New Highs

TradingKey - Crypto Market Surges Broadly: BTC Holds Firm Above $80,000 as ZEC and HYPE Hit All-Time Highs to Lead Altcoin Rally.

On September 7, the cryptocurrency market saw another strong broad-based rally, with total market capitalization surpassing $2.7 trillion, approaching the high of May this year. Among them, Bitcoin (BTC) strongly stood above the $80,000 mark, while driving the leading decentralized perpetual contract token HYPE (HYPE) and flagship privacy coin ZEC (ZEC) to repeatedly hit new all-time highs, sparking massive short liquidations in the derivatives market.

In the past 24 hours, over 70,000 traders were liquidated in the crypto market, with total liquidations reaching $231 million and short liquidations approaching $150 million. Notably, the token with the largest liquidation was not BTC, but ZEC, at nearly $50 million, followed by ETH, reflecting that market volatility is shifting from BTC to altcoins.

Crypto market liquidation data, Source: CoinGlass

This morning, the price of HYPE approached $90, with its market cap surpassing $22 billion; ZEC likewise surged to new highs, briefly breaking above $1,200 with its market cap exceeding $21 billion. Currently, HYPE and ZEC rank ninth and tenth, respectively, on the cryptocurrency market cap leaderboard.

ZEC price chart, Source: TradingView