ZCash Records Slight Gains Amidst Bearish Market - ZCash (ZEC) Price Analysis and Prediction. Tuesday, September 25
ZCash Records Slight Gains Amidst Bearish Market
The past week saw most cryptocurrencies record positive results with Bitcoin hitting as high as $6,800. The week also saw Ripple soar as high as $0.69 making it the second largest cryptocurrency. This week has however begun in a bearish market with most cryptocurrencies retracing back to their prices before the price jumps. At the time of press, Bitcoin is trading at $6,493.41 and XRP at $0.461115, both recording losses in the last 48 hours. This is the same story for most coins in the market, recording losses of 2%-15% on average. One coin has however defied the odds and continues to record gains, ZCash. Although the coin has fallen from its week high of $143, it's showing a bearish resistance.
At the time of press, the coin is trading at $132.66, recording an increase of 1.40% in the last 24 hours. The significant price increase comes days after Ethereum’s co-founder suggested that the project’s technology could solve Ethereum’s scalability problem. This was not only given validation to the project but also proves that the project is headed in the right direction.
Vitalik Buterin Suggests That ZK-SNARKs Could Solve Ethereum’s Scalability Issues
On September 22, Vitalik Buterin floated the idea that ZCash’s ZK-SNARKs technology could solve Ethereum’s scalability issues. According to the founder, the technology could see Ethereum increase its scale to 500 transactions per second. Vitalik was making his argument in a published post on the Ethereum Research website. Whether Vitalik’s team is looking to employ the technology to the Ethereum project is still unclear.
ZCash Price Prediction
Zcash prices have been stable over the last couple of months. Although the coin has fallen from year highs of over $800 to just below $150, the coin remains promising to investors. Back in February when the coin was trading at around $400, almost half of what it was valued a month before, Grayscale analyst Matthew Beck wrote a 20-page thesis showing why ZCash could hit $60,000 by 2025. This prediction was based on the coin’s adoption to traditional offshore banking services.
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