ZCash (ZEC) is an old cryptocurrency that did not have a good start as can be seen in the chart above. A three figure price for ZCash (ZEC) appeared to be overvalued back then but it would also appear overvalued today, but for different reasons. ZCash (ZEC) rose to prominence as a privacy coin to be used as a substitute to Bitcoin (BTC) by those that value their privacy. Transactions made on Bitcoin
(BTC) are open to the general public to be seen or interpreted as they see fit. On ZCash (ZEC) however, transactions are protected from public exposure. This is helpful for wealthy individuals who do not want to disclose their financial transactions or for individuals who would not want to have record of sensitive business, like a visit to the doctor.
While the idea of privacy is one that is readily embraced by many as global events have increased the need for individual privacy protection. Projects like ZCash (ZEC) are thus valued by many but not necessarily in a financial sense. Valuing the tech and motive behind a project is one thing but valuating it at billions of dollars is another, especially when there are better alternatives like Monero
(XMR) and Verge
(XVG) that serve the same purpose. Besides, ZCash (ZEC) has historically been a poor performer both against Bitcoin and the US Dollar. The cryptocurrency has recently seen some life pumped into it in the wake of a possible hard fork which is yet to be officially announced. This hard fork also appears to have been an anticipated one and according to ZCash (ZEC) enthusiasts, it will improve the privacy features of the coin. One important feature that the team is working on is the transaction expiry protocol. This means that transactions made on the blockchain will expire after a certain time much like messages sent on an IM application like CyberDust.
While ZCash (ZEC) had been a dead horse until now, all hope may not be lost yet. Recent events like Gemini listing ZCash (ZEC) have pumped some life into the coin. Barry Silbert of Grayscale is also a big supporter of the project. The ZEC/BTC chart appears to have broken out of a falling wedge. If the weekly candle closes above the falling wedge, it will serve as a confirmation and will likely result in some FOMO buying. ZCash (ZEC) did surprisingly well in the last few days when it stood ground despite Bitcoin (BTC) falling below $8,500. The price of ZCash (ZEC) currently trades at $337 and is almost at the bottom of the bullish channel on the ZEC/USD chart. The recent news of Gemini listing which resulted in a 50% price surge might have just taken ZCash off its long bear trend. While the cryptocurrency has shown tremendous promise short term, it appears to be seen if it can really compete with rivals like Monero (XMR) and Verge (XVG) that seem to be far ahead in the game with a lot more going on in terms of technological development and community support.