Coinbase today announced that it would begin supporting Zcash on its Coinbase Pro platform. The cryptocurrency joins a distinguished list of cryptos that are listed on the exchange, including Ethereum, Bitcoin, Litecoin and Ethereum Classic. Following the announcement, Zcash surged 15 percent to hit a nine-day high at $93.5, with some markets such as Binance registering as high as $99. The momentum has since then cooled off and at press time, the currency was trading at $89. However, even then, it had accumulated 11.2 percent in the past 24 hours, the highest in the top 50 cryptos.
Maximizing on the Announcement
The exchange made the announcement via a blog post today, November 29. As revealed in the post, the exchange began to accept Zcash deposits at 10 a.m. Pacific Time. The service was made available for Coinbase Pro users in the U.S, U.K, the European Union, Singapore, Australia and Canada. However, users based in New York would not receive the service, with Coinbase promising to avail the service as soon as some regulatory hurdles were resolved.
As with the listing of any other crypto on Coinbase, the launch was done in four stages. The first was the transfer only in which users can only make ZEC deposits. This stage will last for 12 hours and users will not be able to place orders. During the second stage, users can only post orders, but can’t have them fulfilled. The matching of limit orders marks the third stage, with full trading being the final stage.
As has been the case with previous listings, Zcash saw its price shoot up as traders sought to capitalize on the new trading opportunity. In less than an hour, the currency gained 15 percent to rise from $82 to $93.5. On some platforms such as Binance, the currency was trading just shy of $100. This was its highest in the past nine days, having last hit $90 on November 20.
In the past five days, Zcash has gained 55 percent to bounce back from its yearly low which stood at $60. Its market cap picked up $175 million to hit a nine-day high at $497 million. However, it’s still down 90 percent from its yearly high price which stood $898 way back in January.
The momentum however cooled off, with the currency sliding a tad back to trade at $89 at press time. The slight slide is in line with the market which has seen a red flash, with Stellar being the only top ten coin still on green. Despite this, Zcash is still the best performing crypto in the top 50 with an 11 percent gain the past 24 hours.
Coinbase is yet to support Zcash on Coinbase.com or its mobile platforms, with the exchange stating that it would make a separate announcement on when this would be enabled. The exchange also revealed that it would only support ZEC withdrawals to transparent addresses. Deposits are however allowed from both shielded and transparent addresses.