With Bitcoin surpassing $77,000 in the cryptocurrency market, altcoins also experienced strong gains. Zcash ($ZEC) was one of the assets that benefited most from the overall positive market sentiment, while many major altcoins gained value at double-digit rates.
According to CoinGecko data, $ZEC surged 47.1% in the last 24 hours, reaching $827.02. Despite subsequent dips, it is still trading 35% higher today.
Bitcoin Cash (BCH) gained 31.4% in value during the same period, rising to $299.49, while Canton (CC) increased by 20.4% to $0.1223. Cardano (ADA) rose by 19% to $0.2563, while Dogecoin (DOGE) and WhiteBIT Coin (WBT) gained approximately 17.7%.
Stellar (XLM) rose 16.2%, Chainlink (LINK) increased by 13.3%, while Hyperliquid (HYPE) gained 11.9%, climbing to $81.50.
The overall market is showing an upward trend. Bitcoin is trading around $77,300, while Ethereum has risen above $2,430. XRP is up nearly 14% daily, and Solana and BNB are also in positive territory.
According to the latest data, $ZEC’s market capitalization has surpassed $13 billion, while its 24-hour trading volume reached approximately $2.6 billion. Dogecoin’s market capitalization is around $15.9 billion, and Hyperliquid’s is approximately $19.7 billion.
Bernstein strategist Gautam Chhugani stated that the strong movement in Bitcoin stemmed from the US Treasury’s decision to increase bond buybacks on the long-term portion of the yield curve. Chhugani noted that Bitcoin has historically responded positively to liquidity expansion, while this year’s indifference in the crypto market was due to tightening financial conditions following the Iran conflict, increased inflation risks, and the strong rise in AI and chip stocks, which have drawn a large portion of the liquidity.
In a move that surprised financial markets this week, the U.S. Treasury announced it would increase the maximum size of its long-term bond repurchase operations from $2 billion to $4 billion per session. The intervention targets 10, 20, and 30-year Treasury bonds after benchmark yields climbed to their highest levels in 20 years due to persistent inflation and war-related energy price pressures.
This shift in liquidity conditions may have contributed to a decrease in selling pressure on Bitcoin and other crypto assets, thus supporting an overall market rally.
*This is not investment advice.