Zcash is a privacy-oriented digital currency. Priced at $46.44, it is the 21st largest digital currency in the world with over $270 million in market capitalization. ZEC’s token supply is fixed at 21 million, just like Bitcoin. The Zcash network provides two transaction types- one of which is ‘shielded transactions’ that helps in providing added privacy to the users.
ZEC Price Movement
It is interesting to note that the all-time high price of Zcash was not achieved during the crypto mania of late 2017. According to CoinMarketCap, one Zcash coin was selling for $4,293.37 in late October 2016. However, since then, the coin traded humbly before gaining serious momentum in 2017. At its peak during this phase, ZEC was selling for $876.31 at a market cap of $2.6 billion. As is the case with other cryptocurrencies, the prices have retracted, and the coin is trading near its December 2016 levels.
On February 6, 2018, the daily transaction volume on ZEC was $59.41 million, but on February 5, 2019, it was $12.5 million. The transaction volumes have been falling since early January. The daily transaction count on the network was 2.08k on January 1 this year which had dropped to 1.76k on February 5. While Bitcoin is showing a general upward trend in this regard in the past 8 months, ZEC is falling.
ZEC Price Prediction
According to current market conditions, ZEC is set to lose more of its value in the upcoming days. In fact, prices are expected to be only around 1/4th of today’s number. There are chances that the prices move up in the first few days of March 2019 to give a solid boost to hopes, but it could be a lost battle for many after that.
The price could go into single digits before middle-March, and by the end of the month, they could even drop to $3.603. However, the coin will face some sudden upticks in prices which could move prices over 200% per current analysis. Monero too could have its twists and turns, moving into the $30 to $40 zone and then quickly back to $5-$6 levels in a matter of just one day. There are chances that a short bull run could drive the prices up to $100 by the end of October this year. However, they could come down to $6.560 by the end of the year.
2020 is expected to be relatively quieter for the currency as it will be trading between $5-$6 levels throughout the year. Similar price movement could be noted in 2021 as well, but this time, prices could touch $7 and slightly beyond as well.
If you are looking for short term investments, don’t mind huge risks and enjoy working with extreme volatility, ZEC could be the coin for you. As the rest of the crypto market is expected to miss out on any exciting action during this phase, Monero could be the coin with serious upside potential in the short term.
Prices are expected to stabilize by the end of the year and will likely remain so in the next 2-3 years. For long term HODLers, the second half of the year and early 2020 could present some decent opportunities for buying at relatively lower prices.