From CryptoPotato · By Dimitar Dzhondzhorov
The cryptocurrency market has been highly volatile lately, affecting traders who previously opened overly risky long or short positions.
The popular privacy coin ZEC headed south after the correction earlier this week and, at one point, nearly broke below the $1,000 psychological barrier. However, the bulls stepped in and stopped the decline, while many analysts believe a new major uptrend could be on the way. BTC also plunged, yet several key factors suggest that the bull run could be just around the corner.
The Crazy Stories
On one side, there is the case of well-known trader Machi Big Brother, who grew a balance of roughly $56,000 to almost $12.5 million in just four months through aggressive leveraged trading in Ethereum (ETH). However, the strategy eventually backfired after the asset experienced serious fluctuations over the past several days.
As CryptoPotato reported, he was “fully liquidated,” and his remaining account value collapsed to just $21,800. This happened on October 15 when ETH’s price dipped to a multi-month low of around $2,300.
At the other end of the spectrum is a mysterious whale whose timing appears almost flawless. The investor bought 257,928 HYPE near the end of 2024 when the token traded at $3.50, for an initial investment of slightly over $900,000. Recently, a market participant moved more than 230,000 HYPE, worth nearly $20 million, to the crypto exchange Kraken.
While it remains unclear whether the stash was sold, such transfers often signal preparation for profit-taking. Meanwhile, the whale still holds 26,231 HYPE, currently worth over $2.15 million.
ZEC’s Ups and Downs
The privacy coin posted a gigantic price increase in September, reaching a ten-year high of almost $1,700. However, the bears stopped the rally and, earlier this week, pushed the valuation below $1,100.
Interestingly, this didn’t cause mass panic, and several analysts interpreted the pullback as a perfect buying opportunity. X Finance Bull (who sold his entire ZEC position when the price hit $1,500) said he’s returning to the asset’s chart and fundamentals because he sees a potential setup developing.
Altcoins Sherpa also chipped in, describing a possible dip to $1,000 or lower as a “gift.” Shortly after, the analyst added that they expect more short-term volatility (which they saw as healthy), followed by a massive increase.
Meanwhile, ZEC’s price has rebounded from its local bottom and currently trades near $1,250 (per CoinGecko).
BTC’s Performance
The primary cryptocurrency also saw major turbulence due to the latest US inflation data, the KOSPI index crash in South Korea, and other factors. At one point, its price dipped below the $80,000 psychological mark, sparking fears of a steeper decline ahead.