Zcash Price Index – Real-time ZEC rate
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Zcash Price Summary
It has been a tough two years for Zcash (ZEC), but the digital currency has shown a real desire to test new highs in the last six months. At the time of writing, the ZEC price was at $53.33, which is about 93% higher year to date. Within this period, ZEC has peaked twice, each time at a higher level. The slight bump in the entire cryptocurrency market helped Zcash to touch $73.64 in mid-February, only for the price to slide 66% to $25.04 by March 18, 2020.
Although the Zcash price has not encountered wild fluctuations for about a year and a half, there has been substantial volatility in the ZEC price. For someone who invests in cryptocurrency, these fluctuations are critical factors that influence the profitability of your position. As such, the importance of staying informed about the price evolution cannot be gainsaid.
Zcash Price History
Zcash made its cryptocurrency market debut in October 2016. The ZEC architecture is based on the Zerocoin protocol, which was developed in 2013. Blockchain technology as we know it publishes the details of all transactions on a public ledger, meaning you wouldn’t be persuaded to use the technology if you want total anonymity.
This is where the Zerocoin protocol derives its relevance. The protocol gives blockchain platforms a coin-mixing capability to make transactions anonymous. When Bitcoin was gaining traction, more people wanted to control their identity on the blockchain. And because the Zcash blockchain incorporates the Zerocoin protocol, it was more than appealing to privacy junkies.
Because of the enormous appeal, Zcash opened trading at the highest peak – at $1,367.41 – which has not been seen ever since. But the coin dropped from the all-time high like a rock and hit bottom at $26.72 barely four months later. The only other time in ZEC price history that the token showed the desire to reclaim the record peak was in December 2017 at the height of the cryptocurrency boom when ZEC touched $764.26. Zcash trades on 249 active markets and about 10 million coins are in circulation.
Zcash Price Prediction
Zcash thrives on the desire for participants in cryptoverse to remain anonymous during their interactions. The zero-knowledge proofs form the core of the Zcash blockchain technology, meaning users can validate transaction data anonymously. More importantly, the platform is open-source; hence many developers have the opportunity to fine-tune the core technology to meet a variety of needs.
Our prediction of Zcash price rests on the capability of Zcash blockchain to transform the cryptoverse in future as more participants join the ecosystem. Besides, the crypto has remained largely stable this year. Perhaps this is because of the sound management of the project under the Electric Coin Company brand.
Electric Coin Company and Zcash Foundation will further develop the Zcash ecosystem from November 2020, which means we are about to see even more stability in Zcash price. But because the effects of the developments might take time to manifest, the Zcash price could possibly close the year without a significant movement, perhaps in the range of $80 to $120. However, 2021 and beyond could see the price gain more than 100% because of the strong foundation put in place.
Expert Tip on the Price of ZEC
The ZEC price has been among the most stable so far in 2020. In the last 52 weeks, the price has touched a high of $102.18 and a low of $18.94. The price difference is relatively low compared to other major cryptocurrencies such as Bitcoin. Furthermore, ZEC ranks very high among the coins that took the shortest time to make a statement in the mainstream crypto market. The coin has great potential to grow in future. To find the most appropriate entry and exit points if you were to exploit the profit potential of ZEC, experts often rely on a combination of technical analysis tools such as Bollinger Bands. The indicator works better if combined with oscillators such as the Relative Strength Index (RSI), and the Parabolic SAR.
Zcash is a privacy coin. The Zerocoin protocol makes the backbone of the Zcash blockchain, meaning users can transact safely without the transaction data becoming a public record. Zooko Wilcox-O’Hearn launched the project in 2016 and determined that it remains open source to serve the wider cryptoverse. Moreover, the zero-knowledge proof called zk-SNARKs ensures that all parties to transactions over the Zcash blockchain are honest. Going forward, this platform (and the Zcash coin by extension) will attract more users because of the secure and fast transactions. This means one can only expect the Zcash price to grow in future.
Zcash Value Compared to Other Cryptocurrencies
Zcash is one among few cryptos that have been resilient against strong headwinds in the last one year. In addition, the coins are backed with robust and relevant use cases that could find usage in many industries. For this reason, Zcash is ideal for long term investment.
Since 2018, Zcash has remained stuck at the bottom without a major breakout move. One could argue that Zcash has been in a bear market for over two years, but there is a possibility of a change, of course. In November 2020, the Electric Coin Company, together with the Zcash Foundation, will carry out significant development of the Zcash ecosystem. There is a possibility that this initiative could be the magic balloon that could propel Zcash into the stratosphere.
Zcash has a monetary base similar to that to that of Bitcoin, i.e. a ceiling of 21 million Zcash tokens. Because ZEC is a scarce token, parties can transfer them globally via crypto exchanges and other relevant platforms. Also, this means inflation is not a threat to ZEC’s value. In short, the economics of Zcash can never hurt its price.
Zcash has remained grounded closer to the bottom for over a year now. This has convinced some analysts to conclude that the digital currency is in a perpetual bear market. On the contrary, a closer look at the token reveals some significant developments in the past few months. But the upcoming expansion of the Zcash ecosystem should blow some wind in the token’s sails, meaning Zcash is a buy.
CoinMarketCap ranks Zcash at position 33 out of 7,138 tokens. Considering that ZEC is barely four years old, it means the coin has vast potential for future growth. Also, the currency has been more stable year to date compared to the market, which means it is a viable candidate for a global payment system in future.
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