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The Resurrection of ZCash (ZEC): Analysis

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Zcash
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The world of cryptocurrencies can be confusing at times, with several tokens making price movements frequently over the course of one working day.  Hence, it is not at all surprising that some projects tend to get resurrected and grow in volume after an extended period of stagnation. The reasons behind this phenomenon can be attributed mostly to positive sentiment regarding the particular token, which is mostly caused by the positive industry news. One such instance was recorded recently, as Zcash (ZEC) started to perform well due to a variety of factors.

A little About Zcash

Introduced in 28th October 2016, Zcash was the product of the Zerocoin Electric Coin Company and aimed at the extensive use of cryptography to provide enhanced privacy to its users. The Zerocoin protocol was thus introduced to provide a superior degree of privacy to the token, compared to the likes of other privacy-based coins like Monero. As of 15/05/2018, Zcash has amassed a market cap of $1,411,758,583 USD with a total circulating supply of 3,919,831 ZEC tokens.

The Reasons for Zcash’s Dramatic Rise

Zcash along with several other cryptocurrencies did not have an encouraging performance over the last few months, with Zcash’s value dropping significantly after the January 08th, where it recorded a high of $780.84 USD. ZCash continued to perform poorly, dropping to a disastrous high of just $180.77 USD on April 11th. Currently, though, the situation has improved dramatically, with the recent gains propelling its value to $357.43 USD at the moment. Some major news events are behind this massive price surge, discussed in brief below.

  1. Integration By Circle: Zcash’s fortunes started to take a turn for the good on April 30th, when it was announced that Circle has added ZCash. The investment app launched back in March has already attracted a strong user-base, and would allow Zcash to attract even more users for widespread adoption.
  2. Alliance with StawkWare: On 11th May, the news regarding the alliance with Starkware industries definitely generated a high degree of positive sentiment around the coin. StawkWare Industries is a reputed developer behind the creation of Starks, a cryptographic proof system. Thus, the news of this partnership has a positive effect on Zcash’s reputation, as the team plans for a better and more secure platform for their users.
  3. Listing on Gemini Exchange: The Winklevoss Twins owned Gemini exchange, which has been in the spotlight for quite some time now, decided to add Zcash, becoming the project’s first licensed Cryptocurrency exchange. The addition to the Gemini exchange is expected to bring even more success to the Zcash project, as more users start to embrace its high degree of anonymity. Indeed the effects were noticeable shortly after the news broke out, with Zcash’s value rising from $263.03 (High) on May 13th to $349.56(high) the next day. The daily trading volume also increased dramatically, increasing from $28,585,200 to $293,688,000 overnight.

Final Thoughts:

The path to success seems clear for Zcash, as evidenced by the 55% growth it experienced on May 14th. This comes as a relief for many investors after experiencing an initial 20% decline earlier. Zcash has since reached the 0.041 BTC mark, with demand for the project expected to rise in the coming days. It is to be noted that in spite of the price surge; Zcash’s relative strength index still appears neutral at 66. With big exchanges like Bitfinex and Binance already working with Zcash, the bearish sentiment in the market seems not powerful enough to negatively affect its value. With more than 90 operational markets spread across several exchanges worldwide, Zcash is not showing any signs of slowing down and is expected to be a valuable investment option in the near future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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