“Zcash (ZEC) Will Be the Top Performing Large Cap of Q3” Says Crypto Trader
“Zcash will be the Top Performing Large Cap of Q3,”
- Zcash surges 12%, going to 2019’s highest level at $89
- Zcash halving event coming in 2020
The 23rd largest cryptocurrency by market cap of $565 million, Zcash hasn’t been having a good time in 2019 until now in comparison to other prominent cryptos. Since dropping down to the yearly low at about $45 in December 2018, it has only surged 50 percent till date in 2019.
At the time of writing, ZEC/USD has been trading at $85.8 with 24-hours gains of 12.30 percent. Yesterday, ZEC went to is highest level of 2019 at $89 which was the last hit in November 2018. While other top cryptos are at their 10 to 12 months high level, ZEC is only at its 6-months high.
However, things could take a turn for the good for Zcash as it awaits its first halving in 2020. The next year will also mark the third halving event of Bitcoin that will cut down its supply by reducing the block reward to half.
Currently, every ten minutes 50 ZEC are created, out of which 80 percent of the newly created ZEC will go to miners while 20 percent goes to founders. Just like Bitcoin, the rate of ZEC created will halve every four years. After the first four years the ZEC created will drop down to 25 ZEC created every ten minutes and 100% of it goes to the miners.
“The end result is that there will ultimately be 21 million ⓩ, and 10% of it, or 2.1 million ⓩ, will have been initially distributed to the founders.”
ZEC Turns Bullish
Trader Ledger Status sees a huge uptrend opportunity in ZEC’s way as he stamps it that
“Zcash will be the top performing large cap of Q3.”
Zcash will be the top performing large cap of Q3. pic.twitter.com/WujeL3Smwg
— Strip Mall Status (@ledgerstatus) May 28, 2019
During the current bull market, the privacy coin has remained in the shadows, however, with 12 percent gains it caught the attention of the market. Additionally, with RSI finally going above 50, an uptrend is forming that indicates ZEC has finally entered the bullish phase.
Meanwhile, it is managing the daily trading volume of over $626 million, according to Coinmarketcap data while $24.6 million as per Messari’s Real 10 24-hr volume.
However, market developments are not in favor of Zcash as BitOasis exchange announced the delisting of Zcash. About two weeks back, one of Deloitte's blockchain specialists said that ZEC will struggle to develop a long-term use case because it relies on trust.
“Zcash is a defunct initiative. It will only go so far,”
said Tim Davis.
He further believes the current valuation of Zcash is misleading as he says there’s a lot of “herd money” in the crypto sector.
“Popularity attracts capital and because Zcash was fast out of the gate, it’s built up a strong following regardless of the asset itself,”
As for its competitor Monero, though Davis doesn’t think it’s perfect, at least he says it allows users to check circulating supply by seeing a spike in volume.
However, as Zcash turns bullish by surging over 12 percent, traders and investors are looking for a bullish wave from this cryptocurrency which went to $3,190 during 2017 bull cycle.