Bitcoin holding above $81,000 gave the broader market room to run today. The short squeeze crossed $300 million in total liquidations, and the beneficiaries were spread across privacy tokens, Layer 1s, and AI plays. Here are the five biggest movers from the last 24 hours.
1. Zcash (ZEC) – +36.95% | $571.76
ZEC is the standout performer of the session. The rally has two drivers: a sector-wide bid on privacy tokens alongside Monero and Dash, and a Kaiko report published on May 5 that flagged unusual pre-listing derivatives activity in ZEC ahead of a Robinhood announcement. The combination of a short squeeze and fresh narrative attention pushed ZEC well above $500 for the first time in weeks.
RSI is sitting in overbought territory, so a pullback toward the $457 to $417 range is possible short-term. But the privacy narrative is not going away, and ZEC’s 7-day gain of +70.75% shows this is more than a one-day move.
Key data: Price $571.76 | 24h +36.95% | 7d +70.75% | Market Cap $9.53B | Volume $1.71B
2. Toncoin (TON) – +24.39% | $2.23
TON has been one of the cleaner breakouts this week. The Layer 1 connected to Telegram’s user base is up 68.52% over seven days, and today’s volume jumped 54.4% compared to the previous day. That kind of volume expansion alongside price usually signals real demand rather than just thin-market momentum.
The catalyst here is broader: as BTC cleared $80,000, capital started rotating into mid-cap Layer 1s with actual usage. TON fits that profile better than most.
Key data: Price $2.23 | 24h +24.39% | 7d +68.52% | Market Cap $5.97B | Volume $1.04B
3. Dash (DASH) – +19.50% | $53.99
Dash is riding the privacy token wave alongside ZEC. Up 54% over the past seven days and adding another 19.5% today, DASH has been one of the more consistent performers of the past week rather than a single-session spike. Volume is solid at $352 million for the day.
The privacy narrative has been building since late April, and Dash is benefiting from the same tailwinds as Zcash and Monero without the same level of RSI overextension.
Key data: Price $53.99 | 24h +19.50% | 7d +54.03% | Market Cap $685M | Volume $352M
4. SKYAI (SKYAI) – +41.47% | $0.7771
SKYAI is the speculative name on the list. The AI token category has been running hard this cycle, and SKYAI has picked up 216.84% over the past seven days. Today’s 41.47% gain comes on $283 million in volume against a market cap under $780 million, which is a high volume-to-cap ratio and points to momentum trading rather than fundamental accumulation.
These moves are real but they reverse fast. SKYAI is worth watching for a flush once momentum cools.
Key data: Price $0.7771 | 24h +41.47% | 7d +216.84% | Market Cap $777M | Volume $283M
5. Internet Computer (ICP) – +17.74% | $2.86
ICP is the most established name in today’s top five. The project has $1.58 billion in market cap and $227 million in daily volume, which gives this move more structural weight than a microcap pump. ICP has been building quietly over the past week with a 17.66% 7-day gain, and today’s session extended that.
The move correlates with the broader Layer 1 rotation that is also lifting TON and others. Decentralized compute narratives are getting attention again as AI infrastructure spending increases.
Key data: Price $2.86 | 24h +17.74% | 7d +17.66% | Market Cap $1.58B | Volume $227M
Market Context
The broader backdrop explains why these moves are happening today. <br> Global crypto market cap is at $2.77 trillion, up 2.6% over 24 hours. Bitcoin dominance sits at 58.6%. Total 24-hour trading volume is near $107 billion. Short liquidations crossed $300 million, which added forced buying pressure across the board.
The pattern is familiar: BTC leads, a short squeeze triggers, and capital rotates into higher-beta alts. The privacy token narrative added a specific catalyst for ZEC and DASH on top of the macro bid.
What to Watch
The squeeze has already happened. Tokens that ran 40 to 70% in a single session without a fresh fundamental catalyst tend to give back gains quickly once the forced buying stops. ZEC, SKYAI in particular warrant caution on entries at current levels.
TON and ICP look more structurally sound given volume profiles and the Layer 1 rotation context. DASH sits somewhere in between.
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