Today is a very unusual day in the world of cryptocurrencies. Especially in the altcoin department, things are looking a lot more positive than they have in a while. Although most of the gains are not notable, the optimism is certainly present. ZCash is the biggest gainer of the day in the top 20, as its value is on the verge of surpassing $125 again.
Update 18:34PM PST: At the time of writing, ZEC is trading at $126 and has surpassed the $125 mark as predicted. The previous addition to Coinbase was the 0x protocol (ZRX), not only did the price rise when the rumors of Coinbase listing appeared, but the price also rose significantly once the announcement was made. Whether ZEC will follow the same pattern is up for debate.
ZCash Price Continues its Rise
While most altcoin speculators wouldn’t mind seeing ZCash in the cryptocurrency market cap top 10, it seems that will not happen anytime soon. After a very troublesome trading period throughout 2018, the altcoin has lost a lot of its market cap and volume. That situation is slowly mending itself again, as any uptrend needs to be welcomed with open arms these days.
Over the past 24 hours, there has been a notable increase in the ZCash price. A solid 5% gain in USD value and a near equal gain over Bitcoin show this particular altcoin is in relatively high demand right now. This is primarily because of a rather healthy trading volume, resulting in $87.4m worth of ZEC changing hands.
Traders and speculators are convinced the ZEC price will turn even more bullish in the near future. The ascending triangle has been broken in the meantime, and it seems a strong push upward can be expected. For now, breaking the $125 level will be a big challenge, although it can be overcome with some effort.
Have you seen anything more bullish #ZEC pic.twitter.com/YKkvozQvzp
— Joe007. (@joe007_) October 20, 2018
As is always the case in the world of cryptocurrency, there is an interesting arbitrage opportunity to take advantage of. Buying ZEC on the Sistemkoin exchange and selling it on HitBTC can yield a pretty interesting profit. Both exchanges have relatively little volume, though, thus no big money can be made from exploring this opportunity.
#ZEC
Buy at #Sistemkoin and sell at #HitBTC. Ratio: 2.37%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) October 20, 2018
There is also a rumor ZCash could find its way to the Coinbase trading platform moving forward. After adding 0x, speculation has been running wild in this regard. The company made it clear Basic Attention Token, ZCash, XLM, and Cardano are all of interest to them. That doesn’t mean either of these will be added soon, though.
CHEAT SHEET!
Lets not forget that coinbase released their plan for new coin additions. Rumor has it that Basic Attention Token is next, followed by one of the following – Zcash, Stellar Lumens, and Cardano#Coinbase #Crypto #ZRX #BAT #ZEC #ADA #XLMhttps://t.co/00BcuNl3Iy
— Esoteric (@Esoteric_Crypto) October 20, 2018
With all of the statistics for ZCash looking rather promising right now, it seems breaking through the $125 barrier is merely a matter of time. When that happens, it is possible holders will take profit or the market will continue to push through even further. How things will play out will be very interesting to keep an eye on over the weekend.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
2 Comments
ZEC to the moon!!!
Bai Nao!