Price Analysis

Is It Profitable To Invest In Zcash?

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Zcash is an alternative digital currency aimed to displace bitcoin as the main medium of exchange. It has advanced privacy technology embedded in it due to which one will not have to show anything to verify his transactions. When it was first launched in 2017, its price was very high, and it created a huge upsurge in the cryptocurrency arena. Zcash (ZEC) is a proof-of-work cryptocurrency that is built with the aim of higher privacy and anonymity.

Current status of Zcash

ZEC is currently getting traded at USD 52.04 (UTC time 09:27). It has occupied the 20th position among the cryptocurrencies that are currently getting traded. At present, 5,991,269 ZEC are available to trade with. Its present market cap has a value worth of USD 311,801,529. Compared to its yesterday’s price, the value of ZEC has been reduced by -1.67%, and it is currently following a bearish trend line.

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Price analysis of Zcash on the basis of Zcash charts

Zcash chart

From the above ZEC chart, it is seen that at present, it is currently getting traded at 52.10 USD or 0.01346128 BTC (UTC time 09:33). Its present market cap has a value worth of 312,149,514 USD with 185,160,202 USD as its 24h volume. From the same chart, it is seen that the price of ZEC nearly one month back was $49.30. So, within this one month, the value of ZEC has been raised by 5.67% with 48.95 USD as a very good support level.

Future price predictions of Zcash

ZEC community is planning to include more updates for fixing the scalability issues and to allow an unlimited number of transactions via this crypto in reality. They will soon launch a newer version of Zcash in 2019. It is assumed that after these developments, there will be a number of users of this crypto and in this year, it can even touch $500 mark. By 2020, it can be as high as $867, and after five years, it can be around $1242.

From the above price predictions, it is cleared that in the upcoming days, if Zcash has strikingly new improvements in it, then, its price range will be on the higher side mostly.

Summing up

It is better for the investors to wait for some more time before they start splurging on it with the expectation of deriving higher returns. As ZEC is still under development, it will be a wise choice to hold on for some more time. Otherwise, if the new version of Zcash proves to really amazing and benefitting, then investors can start investing in ZEC at the right time.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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