Price Analysis

Zcash (ZEC) Price Analysis: Zcash’s Week Target Should be 80 USD

eToro

Zcash (ZEC) was set up by Zooko Wilcox-O’Hearn in 2016, and it works as a cryptocurrency which is considered as open source and decentralized. The main USP of this coin is its privacy features provided to selective transactions, and the Zcash (ZEC) coin is based on Zerocoin protocol. In Zerocoin protocol there is a feature called zk-SNARKs which make the transactions fully transparent as well as anonymous. Zcash (ZEC) claims of maintaining a secure ledger of balances, and it never lets the users know anything about it. The encryption is done on Metadata level on every transaction, and zk-SNARKs protocols check the authenticity of the transactions.

Zcash Price ChartWith a minus, 98.28 % of ROI (Return on Investment) Zcash (ZEC) is ranked 22nd in the crypto market. The crypto does not reveal the maximum possible and authorized supply of coins; however, both the total supply and current supply stands at 6,269,431 ZEC. The market cap as of 08th April 04:04 UTC is 459,794,132 USD, and the value of each coin in terms of USD and BTC are 73.34 USD and 0.01398614 BTC at the same UTC. The 24 h volume is at 427,660,566 USD.

eToro Crypto

The value of Zcash (ZEC) has been struggling since the start of this year to maintain stable growth. It has reached as low as 48 USD and even touched 75 USD during these 90 days. But the last week has been special for ZEC as it has grown exponentially. The figures for 08th March were minuscule in front of today’s figure. The market cap on 08th March was 306,974,316 USD. And the value of each coin in terms of USD and BTC were 50.78 USD and 0.01298275 BTC respectively. The market cap has grown 49.78 % over these 30 days. The same way the value of each coin in USD has shown 44.42 % growth over the value of March 08th.

The last week has yielded enormous growth for ZEC with a whopping 50 % growth. The way ZEC is moving, it can be compared to the growth rate of crypto leader Bitcoin. The price is definitely to touch the 100 USD mark by the end of this quarter. But the short term target should be 85 USD. The end of this week may see the price somewhere around 79 USD to 80 USD. The potential investors are advised to lock in the buying position for now, and it will give definite profits this month if not this week. The long term 100 USD mark is not at all ambitious. Long term holders are likely to gain 200 % on their invested amount by the end of this quarter.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button