Zcash price spikes to $686, market cap tops $11 billion amid large liquidations

Zcash (ZEC) surged over 17% in six hours on May 20, reaching an intraday high of $686 and a new year‑to‑date peak. The rally lifted the cryptocurrency’s market capitalization above $11 billion, overtaking rival Monero and placing ZEC among the top‑10 crypto assets by market cap.

The rapid price move triggered about $28 million in liquidations of leveraged short positions, the second‑largest liquidation event for the year. Analysts noted the low float, thin liquidity and aggressive perpetual‑contract positioning, suggesting the rally may reflect a coordinated short squeeze rather than purely organic demand. Technical analysis highlighted support around $654‑$634 and resistance near $690, with the RSI indicating continued strength but no clear overbought condition.