Analysis of ZCash Resurrection
It is sometimes puzzling for us to understand the world of cryptocurrencies, the price fluctuation of several tokens is frequent during a working day. Therefore, it is not surprising that some projects are often resurrected and the number is growing. The reason is mainly due to the positive sentiment towards specific tokens, which is mainly caused by positive industry news. One such example was recently recorded because Zcash coin started to perform well due to various factors, which is mainly caused by positive Zcash news.
Launched on October 28, 2016, Zcash is a product of the zerocoin Electric Coin Company, which is designed to provide users with enhanced privacy through the widespread use of cryptography. Therefore, the zerocoin protocol was introduced to provide a higher degree of privacy for tokens than other privacy-based coins such as Monero. As of May 15, 2014, Zcash has accumulated a total of 1,411,758,583 listed funds, with a total circulation of 3,919,831 ZEC tokens.
Zcash coin and some other cryptocurrencies have not been excellent performance in the past few months, and Zcash's value has dropped significantly since January 8, with a record high of $780.84. ZCash continued to perform poorly and fell to $180.77 on April 11. At the present, the situation has improved greatly, and the recent increase has pushed its value to $357.43. Behind some major news events is this massive price surge, which is briefly discussed below.
Integration Circle: The wealth of Zcash began to turn around when it announced on April 30 that Circle had joined ZCash. The investment app launched in March has attracted a strong user-base and allowed Zcash to attract more users for widespread adoption.
Alliance with StawkWare: On May 11th, news about the alliance with the Starkware industry definitely produced a highly positive mood around the coin. StawkWare Industries is a well-known developer responsible for creating the encryption certificate system Starks. As a result, the news of this partnership has had a positive impact on Zcash's reputation as the team plans to provide its users with a better, more secure platform.
Listing on the Gemini Exchange: The Gemini exchange owned by Winklevoss Twins has become a focus of attention. It has been a while and decided to join Zcash as the first licensed Cryptocurrency exchange. As more and more users begin to accept its high degree of anonymity, the addition of the Gemini exchange is expected to bring more success to the Zcash project. In fact, shortly after the news broke, the impact was obvious, and the value of Zcash rose from $26.03 (high) on May 13 to $349.56 (high) on the next day. Daily trading volume also increased significantly, from $28,585,200 to $293,688,000 overnight.
Zcash's road to success seems obvious, with a 55% increase on May 14. After experiencing a 20% initial decline, this was a relief for many investors. Since then, Zcash has reached the 0.041 BTC mark and the demand for the project is expected to rise in the next few days. It is worth noting that although the Zcash price soared, Zcash's relative strength index remained neutral at 66. Large exchanges like Bitfinex and Binance have partnered with Zcash, and the market's bearish sentiment does not seem to have a negative impact on its value. Zcash has more than 90 operating markets across multiple exchanges around the world and has not shown any signs of slowing down and is expected to be a valuable investment option in the near future.