Yesterday, we reported that Gemini would become the first licensed cryptocurrency exchange listing Gemini, after the exchange sought approval from New York authorities, see our coverage of the story, here- https://cryptodaily.co.uk/2018/05/zcash-bitcoin-cash-litecoin-receive-gemini-listing/
The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation. As the day continued and as news spread, it seems that this Gemini announcement seems to have allowed for a continuous push within Zcash, the value of the currency hasn’t stopped climbing, overall, it doesn’t look like it’s going to subside anytime soon either.
At the time of writing, Zcash is valued at $356.66 and is up 43.51%. We should note at this point that the listing for Zcash on Gemini hasn’t actually gone live yet, therefore this spike is simply in response to the announcement that it will happen. What this suggests then, once Zcash actually hits Gemini, trading volume will skyrocket and thus will the value of the currency. The first day of trading on Gemini for Zcash will be the 22nd of May, meaning in theory, the currency still has 7 days of speculation-based climbing to partake in, before the true impact of this listing can be measured.
The peak value for Zcash currently stands at $920.86, as recorded during the cryptocurrency boom at the start of 2018. During this time, Zcash had a market capitalisation of $2,767,679,006.00. Today, at the time of writing, Zcash has a market capitalisation of $1,398,113,349.00. You could argue that with this in mind, we are a long way off Zcash hitting its peak once more, however, once the listing goes live, this market cap is expected to rise, with it, so will the value of the currency.
Boom!! Gemini announces support for Zcash! https://t.co/xY0fX3dFjv
— Zcash Company (@zcashco) May 14, 2018
What next for Zcash?
Well, given the current market conditions we expect Zcash to continue climbing. Of course, the current gains of 40% + will tail off and Zcash’s climb will level out, however with the climate looking healthy, and with speculation rife, leading up to the 22nd of May, we could see Zcash reach close to $400.00.
Once the listing goes live and trading commences, this is only expected to continue to rise.
Please bear in mind that this is not investment advice, the current status of Zcash has been influenced by news speculation, whilst the 22nd of May is the official date for the listing to go live on Gemini, we can’t actually guarantee what will happen leading up to this date, nor, what will happen once the first day of trading has passed, cryptocurrencies like Zcash are very volatile as you know.
Either way, at the moment, things look great for Zcash.