Zcash (ZEC) Gearing Up For A Bullish Market, Is $499 Possible? - Price Prediction. Saturday, October 6th
Zcash: Gearing Up For A Bullish Market, Is $499 Possible?
Today has seen most cryptocurrencies record slight losses. The results are signaling a slow weekend for the market. However, some coins are still looking good and they might have just had the best start to the weekend.
Privacy Coins Catching On
Zcash is one of the few coins on the market that offer privacy. Cryptocurrencies like bitcoin always record transactions on a public ledger for everyone to verify, but with anonymous coins like Zcash there are no public records. This option has been opted by many users and the coin has become very popular.
Currently, the coin is 21st on the market based on its market cap and it has been doing relatievely well compared to some of the 20 coins ahead of it, with XRP getting hit by the price correction the most.
On October 03, the price of ZEC dropped to $121.67. Looking at the last 7 days, the chart shows that the coin has the potential to soar even higher, on September 28, the coin was trading as high as $140.
Zcash over the coming months will be looking to end the year on a high. Having begun the year with an all-time high of over $800, many are questioning if the coin will be able to achieve at least half of that. The only time during the year it has come close to this was in mid-May when it traded around $399. It was followed by a price fall which when the bulls tried to recover from, set a $224 resistance level in July.
At the end of the month, the network is expected to undergo an update called Sapling, this will see transaction speed increased and time taken reduced by 97%. WalletInvestor predicts that the coin will end the year at $499.698 and maybe this upgrade is the trigger required to push prices that high.
ZEC/(USD, BTC) Price Chart, Saturday October 6th:
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