ZClassic, a fork concept of ZCash has seen some interesting movements recently. These changes in value have been tied in to an overall market decline, therefore it is quite interesting that ZClassic has ran against the grain and made good progression over the past fews days, up until today that is.
For some context, on the 23rd of April, ZClassic was valued at $8.36, it did manage to peak at $27.60 on the 25th of April, before moving down to $20.39 later that day. After this, ZClassic saw a huge surge, climbing up to $40.07 in the early hours of this morning, before experiencing a huge crash, right down to $19.60, the current value of ZClassic at the time of writing. I also note that at present, the currency is down 31.59%, this is hardly surprising though.
We believe that the surge in ZClassic value came alongside news of a fork, which would push the currency further from ZCoin. It does seem that there are a number of teams trying to work on this project, hence the anticipation, however, rumours where stunted this morning, by a tweet from the ZClassic team.
As said in March, all work has stopped on #Zclassic. Nothing about this has changed. Any proposed fork you may hear about does not have widespread consensus. Please use caution before participating in any fork that is promising guaranteed returns or may sound too good to be true.
— Zclassic (@ZclassicCoin) 27 April 2018
This tweet, occurred just prior to the huge drop in ZClassic’s value, to be honest, you don’t need to be a genius to work out what has happened here do you.
What I find very interesting is that despite an official announcement in March, which essentially outlines the end of the road for ZClassic, a community of traders are still pushing for this fork, evidence in this lies within ZClassic’s ability to climb up to $40.00, from $8.00 for no apparent reason.
If anything, this provides a brilliant demonstration of the volatility of cryptocurrencies. Decentralisation has its advantages but indeed it has its drawbacks. Some groups are trying to make a fork happen, yet the official ZClassics Twitter denies all allegations.
What exactly is going to happen with ZClassic now, nobody really knows. It’s a tricky one, the ZClassic twitter feed is full of Bitcoin Private retweets, so I might suggest that the team behind the ZClassic twitter page, probably have something to do with this project too.
One thing is clear, some people made some money last night, other whos bought in to ZClassic during the rise, may be slightly disappointed with themselves this morning.
Featured Image Original Source: Pixabay