Price Analysis

Zcash (ZEC) Price Analysis: Zcash Now Running Bearish But, Has The Potential To Touch $500 Mark This Year

eToro

Zcash is currently focused on displacing BTC as the alternate cryptocurrency. It initiated as the fork of BTC on October 28, 2016, by Zooko Wilcox. It initially was termed as Zerocoin protocol, and later, it was renamed as Zerocash system. Finally, it was named as Zcash. It is based on decentralized blockchain but, it ensures full anonymity of the transaction parties over its platform.

Current status of ZEC

ZEC is currently traded at USD 70.02 (UTC time 05:31). With a market capitalization of USD 439,495,189 and a circulating supply of 6,276,969 ZEC, it is the 22nd largest cryptocurrency in the world.

eToro Crypto

Price analysis of ZEC

ZcashThe above chart shows that ZEC is currently traded at 69.98 USD or 0.01346333 BTC (UTC time 05:35). Its current market cap is worth of 439,235,891 USD with a 24h volume of 377,543,016 USD. The same chart shows that approx. One month earlier, ZEC had a trading value of 52.28 USD. So, within this period, the value of ZEC has been raised by 33.85% with 68.32 USD as a good support resistance.

Future price predictions of Zcash

Recently, Zcash surged as Bitmain’s Z11 miner and has bought more hash power to the network. Z11 is now threefold powerful as Z9. It is one of the fastest growing cryptocurrencies and has greatly managed to secure 21st position based on its market cap. Crypto Ground thinks that Zcash can trade around $135.7029 by 2019 end and it can rise to $1358.8187 by 20123. Trading Beasts assumed that Zcash can be around $146.24 by the end of this year and can even fall to $100 by the end of 2020. Being Crypto predicted that it could be around $380 by 2019 end and in 5 years, it can be as high as $760.

Zcash has remained surprisingly stable than its relevant cryptocurrencies in spite of the great volatile market. Its value was raised when rumors went like it will get enlisted on Gemini Exchange, based on New York and owned by Cameron and Tyler Winklevoss. It has also partnered with Ethereum that introduced ZK-snarks to a larger platform as part of Byzantium upgrade. Overall, with its capacity, it can easily touch $500 mark this year.

 Conclusion

ZEC is undoubtedly a potential cryptocurrency. With its value raising higher day by day, it can soon displace BTC. Moreover, it maintains the anonymity of the users. Its value will be considered towards the bullish side, and thus, it can be a good option for long term investment.

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.

Related Articles

Back to top button