Like Bitcoin, Zcash is a peer-peer cryptocurrency with the sole focus on enhancing anonymous, private and fungible transactions that are unlike to Bitcoin. Based on a special cryptographic platform, it has the capacity to hide a sender’s information, a receiver’s information and the amount the gets transacted between these two parties. This protocol is commonly termed as zk-SNARK protocol which assures of anonymity, fungibility, and privacy. Zcash (ZEC) can have a maximum supply of 21 million coins and is mined via Equihash algorithm. All of these 21 million coins are expected to get mine by 2032. In spite of the assurance of anonymity, some crypto analysts think that ZEC is a pretty long term investment and one’s current investment can be devalued in the future.
Current status of ZEC
ZEC is currently getting traded at $54.29 USD (UTC 08:24). It is at 20th position among all the cryptocurrencies that are getting traded in the crypto world. Its current market cap has a value worth of $322,142,728 USD. Currently, 5,933,644 ZEC is getting circulated in the crypto market. In respect to its previous prices, ZEC is currently following a bearish trend and this is the reason of worry to the investors as long as they are considering long term ZEC investment.
Price analysis of ZEC on the basis of ZEC charts
From the ZEC chart above, the current price of ZEC is 54.15 USD or 0.01370590 BTC (UTC 08:33). Its current market cap is getting traded at a value of 321,265,415 USD with a 24h volume of 261, 242, 133 USD. From the same chart, it is seen that the price of ZEC on 20th January 2019 was $54.58 so, in this approximately 1 month period, the price of ZEC has been lowered by -0.78%. It is indicating that ZEC is losing its worth as today also, a bearish trend is persisting in its price chart.
Future price predictions of ZEC
There have been various controversies regarding future price projections of ZEC among the cryptoanalysts. According to Beck’s thesis and considering the long 5-year plan, he suggested that by the year 2025, ZEC token can have a value of $60,000. In order to make this a reality, the investors have to use altcoin instead of traditional offshore banking. The condition that he has put forwarded is definitely not so easy to apply as in many countries, the concept of cryptocurrency is still in a veil. Again, another group of crypto analysts thinks that in the mid-2019, ZEC is expected to lose 90% of its value and it can rise to a height of approximately $388 by December 2021. Considering the 5-year long term plan, ZEC can have a dip back below $760 and after 2020, the volatility will reduce. So, it is better for the investors not to expect too high from ZEC investment or they should keep in mind that long term ZEC investment (at least on the basis of a 5-year plan) can be a futile idea.
With the increasing competition among privacy coins, it is really unpredictable to say which coin can be the people’s choice tomorrow. Many privacy coins have proved to be equally apt as ZEC or even more than that but, as there is no chance of any significant price hike even in the long 5-year plan, it is very demotivating to the investors to splurge in this crypto.