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The Resurrection of ZCash (ZEC): Analysis
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.
- 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.
- 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.
- 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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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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