Today, we have reported on the state of the markets indicating that we are in the midst of a market crash. Overall, currencies have taken a nosedive and the markets are looking a bit worse for wear. Whilst we can’t pinpoint exactly what is causing this, we can assume that overall, the state of things does project a very dismal outlook for us, entering the latter end of this week.
Overall, this regressive trend won’t continue forever, the problem is however, how much damage will be done before the negative trend we see at the moment tails off. We should remember that the deeper and deeper cryptocurrencies regress, the harder it is for them to move back upwards in value. In short, we need to see some damage control take place here, hopefully soon enough the slope will even out and that can be allowed to take place.
Interestingly, things are looking very optimistic for Zcash, a currency that has continued to make incredible gains over the past week. This comes off the back of New York authorities approving Zcash for a listing on cryptocurrency exchange, Gemini. This announcement proved to be huge for Zcash, giving it a much needed boost in value and market capitalisation. Now, with the markets retracting, we can see just how much of a boost Zcash has received from this, given that even now, as I write, Zcash is up, among currencies that are otherwise on steep downward trajectories.
At the time of writing, Zcash is valued at $372.00 and is up 2.08%. The value of Zcash had skyrocketed since Sunday, when it was recorded with a value of around $245.00. With this in mind, it is clear just how much of an impact the Gemini announcement has had. If this positivity continues, against the grain of the overall market, we could even see Zcash hit $400.00. Given the current circumstances, that would be quite incredible.
To provide some context, near neighbour Qtum is down 8.88% and likewise, Binance Coin is down 6.10%. With the top end of the market in a similar state of decline, it is fantastic to see that Zcash still has the energy to keep climbing.
What now for Zcash?
Well, it’s likely that the climate will catch up with it, Zcash probably won’t continue to run away from the slope forever. Even so, the gains it is making now will certainly protect Zcash from making any huge losses, when the market drop eventually takes hold of it. Zcash have a lot to thank Gemini for here, this is a case of a very nice coincidence and of course a little bit of luck.
Either way, the future for Zcash looks bright, as does the future for Gemini, with Bitcoin Cash and Litecoin possibly up next for listings on the ever growing Gemini exchange.