Zcash increases in value by 50% over the past week
Zcash is a cryptocurrency standing in the 22nd place by market cap value. It has astonishingly found a 50% increase in value over the past week. Currently, it is priced at $343.26 on coinmarketcap.
Zcash, which was priced at $248.22 on May 13, found itself in the middle of a steady rise over the next two days. On May 17, it hit the roof, being priced at $381.43! However, after dipping to 307.21 on May 17, it again recovered and was priced at $377.21 the very next day.
The cryptocurrency market cap of Zcash is $1.35 billion. It has increased by $141 million during the past 24 hours.
What is causing the changes in Zcash’s value?
Recently, the cryptocurrency exchange owned by Winklevoss, Gemini, gained the approval by the New York state’s department of financial services.
The financial body also approved Gemini’s request to add three ZEC markets: ZEC/USD, ZEC/BTC and ZEC/ETH, starting next week. This would make Zcash the third largest crypto token to be available for trade on Gemini!
— Gemini (@GeminiDotCom) May 14, 2018
This is considered to be the main reason for Zcash to outshine every other cryptocurrency, despite the fact that the crypto market lost a whopping $42 billion over the past 3 days! Most cryptocurrencies found a dip in value, including the Bitcoin, which fell below $8000 for the first time in almost a month.
Tyler Winklevoss, Gemini CEO, said Zcash brings the strength of its privacy, an advantage that bitcoin lacks. Despite the commendable increase in price, Zcash remains well away from its all-time high of $876.31, which was recorded on January 7, 2018. At that time, its market cap value was also its all-time highest, which was roughly $2.65 billion! Since then, it decreased a great deal in value like every other crypto, dropping down to $187.3 on April 8.
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