ZCash: What is Behind the Continuing Upward Drive?
Cryptovest
Published May 17, 2018 01:11AM ET
Updated May 17, 2018 01:30AM ET
ZCash: What is Behind the Continuing Upward Drive?
ZCash (ZEC) has always been an overlooked digital asset, as Monero (XMR) gained more prominence and publicity. But ZEC is also one of the leading coins, and the addition to the Gemini exchange boosted its price.
But the price momentum is back, outpacing the markets which turned to the red again. ZEC added more than 10% overnight to $367.14, up a net 32.56% in the past week. Volumes in the past days are near the all-time highs, finally taking ZEC out of the world of niche exchanges, and into active trading as a prominent asset.
!ZEC!
For ZEC, the increased dollar volumes are what drives the price, which has somewhat decoupled from Bitcoin. At the same time, ZEC has not yet seen an inflow of Tethers (USDT), meaning that the price growth, for now, rides on new investors buying in.
https://twitter.com/fluffypony/status/996922365069156353
In the market for privacy coins, ZEC has received endorsements from several sides, including Vitalik Buterin, Saleem Rashid, and Monero’s Riccardo Spagni. Despite the barbs toward ZEC, the project has survived longer, and in a more organized fashion compared to other crypto coins.
However, the recent market downturn also shook some of the gains from ZEC, as the coin comes with a volatility warning.
Using ZEC offers the choice to transact both anonymously with peers, and with traceable transactions where this would be more convenient, such as sending to exchanges.
ZEC has been considered a “boring asset” for a long time. The coin’s blockchain is relatively young, yet to go through a halving. After the launch last October, the coin has a still small supply of around 4 million coins mined.
Therefore, some see ZEC appreciating to four-digit prices in the long term, if the upward market momentum continues. Yet as a high-priced asset, ZEC may not see as much hype as that related to low-priced coins, easily promising ten-fold appreciation.
Also, ZEC awaits the effect of This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.