Price Analysis of Zcash (ZEC) as on 23rd May 2019 – CryptoNewsZ

Zcash itself is looking to displace BTC as the main medium of exchange and a store of value in the crypto sphere. The main attraction of ZEC is its privacy features. In the case of BTC transactions, the anonymity of the transaction parties is not maintained, and the transaction cost is way too high. Recently, ZEC surged as Bitmain’s Z11 miner brought more hash power to the network. Currently, the crypto market is highly volatile, which is negatively impacting ZEC, but, once the condition improves, ZEC can attain great heights. Moreover, the transaction parties can maintain full anonymity.

Current status:

Zcash Chart

Zcash Chart

  • Current market price: 69.07 USD
  • Market cap: 455,366,547 USD
  • Market rank: 23
  • Circulating supply: 6,593,119 ZEC

Price analysis and future price predictions:

The above chart reveals that at present, ZEC is getting traded at 70.43 USD or 0.00921192 BTC (UTC Time 08:19). Its current 24h volume is worth of 428,752,525 USD. The same chart displays that approx. 1 month earlier, ZEC had a trading value of 61.86 USD with a market cap of 396,770,422 USD. So, within this 1 month, the value of ZEC has been increased by 13.85% with 65.61 USD as a good support resistance.

Conclusion:

ZEC is already gaining a huge number of customers due to its anonymity feature and less transaction cost. Its transaction speed is also faster and provides better security than BTC. There is no doubt that ZEC is potential crypto, but as the market is unstable, it will not be a good idea to invest in it for long term basis before the end of 2019.

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