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ZClassic (ZCL) and the Reason Behind the 97% Drop

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ZCL

ZClassic was viewed upon as a new opportunity in the world of crypto values, especially for miners. After having ZClassic derived from the original blockchain of ZCash, miners were thrilled knowing that they won’t need to be giving some of their profit, 20% to be exact, to the development team behind ZCash, but were able of that moment to keep all the mined coins in their own wallets. However, something without a doubt went wrong as ZClassic fell for the amazingly horrific 97% from the moment of being forked from ZCash. ZCash, on the other hand, kept up the good work on the market, maintaining its price above 200$ for a long period of time already. What went wrong with ZClassic and what kind of future is expected from ZCL in the following months?

What Went Wrong with ZClassic?

ZClassic was originated out of the hard fork ZCash went through. After ZCash had its first hard fork ever, ZClassic was the product that remained afterward. The main reason for having been adopting ZClassic is the fact that the miners can mine ZCL without having to give a part of their mined goods to the developers and the team behind ZCL. While mining ZClassic, miners have generated more ZCL coins as opposed to the number of coins of ZCash that are currently in circulation. So now there are nearly 30.000 more ZCL coins that are circulating the market.

Although this situation was pretty benevolent for miners as they could keep all their mined coins in their wallet and use them for whichever purpose intended, something went wrong with the price along the way.

A huge gap in the market price appeared between ZCash and ZClassic, which was viewed upon as a great defeat for ZClassic holders. The current market capitalization of ZClassic is around 3000 BTC while ZCash has a market cap of nearly 99.000 BTC. Needless to say that the difference between the two is pretty visible as well as the fact that ZCash is a definite winner in this comparison.

During the period of December of 2017 and February 2018, ZClassic was actually doing pretty well with selling at the price that was higher than the current price of ZCash, hovering around the value of 235$ per one unit of ZCL.

But as of the mid-February when the most recent market dip started off and went on lasting for eight weeks, ZClassic came out of the market dip as one of the biggest losers on the market with 97% of its market capitalization lost to the bad state of the market. But, how come other coins didn’t lose so much on the value when compared to ZClassic?

It seemed that the developers might have given up on ZClassic, while miners were taking advantage of a great opportunity to proactively mine coins with over 200$ price per one unit. Somewhere along the way, probably because of being neglected, ZCL lost its value while ZCash managed to keep up with its positive pace of growth still hovering around 200$ price per one unit. That is how ZClassic ended up below 300th place on the global coin ranking list while ZCash is standing its ground on the 25th spot.

While ZCL was still worth 235$ per one unit, investors and traders were fairly interested in the coin, but as the investors noticed that ZClassic is not making any progress on the field of technological improvements without a clearly stated roadmap, they have probably given up on ZCL while its price immediately started to fall as a consequence.

It is a fact that a digital asset must go hand in hand with improvements and modifications in order to perfect the blockchain technology, and ZClassic just couldn’t keep up with the “trend”. So while other dev teams were working on correcting flaws in their networks and sealing partnership in order to sky-rocket their coins and networks, ZClassic was ravaged by miners while being fairly neglected by the dev team.

That was probably the breaking point for ZCL and at the same time the main reason why a coin that was traded at 235$ per one unit only 3 months ago is now being sold for a bit over 4$ per one coin.

There are speculations since it is the fact that ZCL is not going up for quite some time now but instead is dizzily dropping, that this coin will soon have no value, which means that there is an unfortunate chance of having ZCL being sold at 0$ pretty soon in case the coin continues to drop further from this point.

It seems that the miners forgot that you can’t just go on mining coins and keep them in your wallet without spending them or having them traded because then the coin s have no purpose and as a result, these coins are slowly becoming worthless. The dev team, in this case, seemed to have forgotten about sealing partnerships and pushing ZCL further into the crypto market to increase its attainability and worth.

That is how investors and potential partners lost their interest in ZCL, which eventually resulted in having a coin that was once worth 235$ now being traded at 4$.

However, in case the dev team has some interest in ZCL and they manage to come to their senses, they could still be able to save ZCL as 4$ isn’t that bad if you forget about the fact that this coin was once worth over 200$ per one unit.

How is ZClassic Doing at the Current Moment?

After the latest change in the market, ZClassic lost -8.68% and dropped against the dollar in the course of 24 hours.

After the initial drop, ZCL can now be purchased for 4.26$ per one unit, while ZCash is still hovering around the value of 200$ even though this coin itself is suffering from a drop while trading in the red. Still, ZCash is now worth 215$ while ZCL can be traded for a bit over 4$ per one coin.

In case ZCL continues to drop at the current rate, pretty soon this coin could lose all its value.

We will be updating our subscribers as soon as we know more. For the latest on ZCL, sign up below!

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.

Image courtesy of Simon Hadleigh-Sparks via Flickr

Blogs

How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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