The cryptocurrency market has been experiencing a period of bearishness over the past day, with both Bitcoin and Ether trading at lower values than they were previously. However, Zcash (ZEC) has emerged as an exception to this trend, rising by 4.6% in value over the same time frame.
This growth can be attributed to increased retail strength, with a surge in ZEC futures Open Interest and a high long-to-short ratio. According to data from CoinGlass, ZEC's futures Open Interest has risen by over 10% in the past day, indicating a risk-on sentiment among retail traders that is driving a positional buildup.
Furthermore, total liquidations for ZEC over the same period amount to $1.6 million, led by $1.1 million in short liquidations. This suggests that long positions are dominating short positions, consistent with buy-side dominance.