Zcash (ZEC) fell 14.4% on November 10‑11, 2026, moving to the 11th position by market capitalization with an estimated value of $16.5‑$17 billion, ending its run in the top‑10.
Price movement and market impact
The cryptocurrency traded between $963 and $1,000 before closing the session near $1,045‑$1,094. Trading volume exceeded $1.3 billion in the 24‑hour period, indicating a broad sell‑off rather than a gradual decline.
Derivatives liquidations
More than $16.5 million in leveraged positions were liquidated in a single day, with roughly 88‑89% of those liquidations coming from long contracts. The forced sales added further pressure to the price decline.
Background: Network Upgrade 7
Network Upgrade 7 (NU7) activated on November 6, reducing block times from 75 seconds to 25 seconds. The upgrade initially lifted ZEC above $1,300‑$1,380, but the rally reversed as traders took profits and leveraged longs were squeezed.
Institutional outflows
The Grayscale Zcash Trust (ticker ZCSH) recorded outflows exceeding $15 million in November, suggesting institutional investors reduced exposure following the upgrade.
Historical context
ZEC reached a peak of $1,695 on September 26, 2026. The November lows represent a roughly 41% drop from that high and mark the lowest level since early September.
Supply and privacy usage
Zcash has a hard cap of 21 million coins, with about 17.04 million in circulation. Approximately 29% of the circulating supply resides in shielded pools, where transaction details remain private.
Outlook
Key factors to monitor include trading volume trends, the rebuilding of leveraged positions, and continued outflows from the Grayscale trust throughout November.
