Zcash slips out of crypto’s top 10 after 14.4% drop
Zcash (ZEC) fell 14.4% on November 10-11, 2026, dropping out of the top 10 cryptocurrencies by market cap. The selloff occurred after a network upgrade, with trading volume exceeding $1.3 billion and $16.5 million in derivatives liquidations. ZEC's market cap is now around $16.5B-$17B, and it hit a low of $963-$1,000 before recovering slightly. Grayscale Zcash Trust (ZCSH) saw outflows exceeding $15 million in November.
How this was made
The 30-second read
Why it matters
The rapid price decline and outflows suggest short‑term bearish sentiment, but the upgrade may lay groundwork for future demand.
Market read
ZEC's price action illustrates the risk of leveraged trading around upgrade events and may influence trader positioning in other privacy coins.
What to watch
Potential inflows from new privacy‑focused applications or institutional re‑entry could offset outflows.
Background
Zcash (ZEC) is a privacy‑oriented cryptocurrency that recently completed Network Upgrade 7, reducing block times. The upgrade initially spurred a rally above $1,300 before a sharp pullback.
Ticker impact
ZEC fell 14.4% on Nov 10‑11, dropped out of the top‑10 crypto market cap list, with $16.5M long liquidations and $15M outflows from the Grayscale Zcash Trust.
likely further downside as leveraged longs unwind and institutional outflows persist
Large liquidation volume and institutional outflow indicate bearish short‑term sentiment; no fundamental issue with the protocol.
Market effects
Highlights volatility risk for privacy‑focused crypto assets after network upgrades.
Primarily affects crypto markets globally; no specific regional bias.
Shows how leveraged positions can amplify price moves in major crypto assets.
Counterpoint
If the upgrade improves long‑term utility, the price could rebound once liquidation pressure eases.
Key entities
- institutional investorGrayscale Zcash Trust
Crypto trust that experienced >$15M outflows in November.
