Zcash is another alt-coin that looks to be making sturdy progress this week. In an overall market that has been mostly predictable and bland at best, Zcash seems to be moving away from the market correction period in the wake of the mid-April market surge at quite a noticeable rate.
Prior to the surge, on the 10th of April, Zcash was valued at around $170. The surge on the 13th, saw the value of the currency pick up to a height of $241, before some correction saw it move back down to around $221.
This correction was far more limited than that experienced by some of the other high valued alt-coins however, suggesting that Zcash is setting an upwards trend that is set to continue.
How is Zcash doing right now?
Well, at the time of writing, Zcash is coming in at $235.00, up by 4.16% with a market cap of $872,446,995.
This high rise stands out in a market that is only making steady gains overall, with the exception of major coins Bitcoin and Ethereum actually on decreased of 0.45% and 0.31% respectively.
What will happen to Zcash next?
So, we have seen the Zcash correction period cease, and now it does seem that the only way is up for the currency. Thus far today Zcash is making good ground towards breaching it’s April high of $241. This is evidence that it is moving closer to the $300 mark, should another bull run happen at the end of this week, as some are predicting then Zcash should reach this threshold and move seamlessly beyond. Either way, we do expect Zcash to at least brush the $300 sometime this month.
What is giving Zcash its momentum?
Well, 4 days ago Zcash established a new release, Zcash 1.1.0, the first ‘Overwinter-compatible version of the Zcash node software’. You can read more about it for yourself, here- https://blog.z.cash/new-release-1-1-0/
This update solves some quadratic-hashing problems experienced within the Zcash network as well as offers to provide users and miners and more refined experience.
Because of the update, activity within the Zcash network till have increased, thus encouraging more currency shifting thus improving the value of Zcash and offering it what seems to be a more fruitful outlook into the latter half of this month.
Overall, these are very positive signs for Zcash. If and indeed if, Zcash does breach the $300 mark and maintains at that level for an extended period of time then we could see some interesting developments with the currency. It’s got a long way to go before we see Zcash breach $880, as it did during the cryptocurrency boom at the start of the year, but, overall, by heading towards $300, the almost four-figure value mark does seem to be a more realistic prospect, should the markets head in that direction over the coming months.