ZCASH Price Up By 5.68% – Time To Buy ZEC Coin?
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- ZEC posts impressive 24-Hour price, indicating that investors are rushing to buy ZEC
- CEO Harry Silbert whales in on ZCASH with an $85 million investment
- ZCASH on Edge following complete support from the crypto wallet
Zcash (ZEC) is a decentralised, open-source cryptocurrency that enables greater transaction privacy. ZEC validates transactions using a Proof-of-Work consensus process, similar to Bitcoin. Since its debut, the digital asset has received enormous support from the global crypto market. The asset is currently trading at $101.6, up by 5.68% in the last 24 hours. This remarkable gain is a great signal to buy ZEC.
ZEC has also experienced a 6% increase in market cap value to $2.13 billion. In addition, the PoS token’s 24-hour trading volume has leapt by 11% to $186 million in the last day.
Harry Silbert Stocks Up On Zcash
The CEO and founder of the Digital Currency Group, Barry Silbert, has added additional ZCash to his company’s coffers.
Silbert revealed the acquisition of $85 million in Zcash (ZEC) via a tweet to thousands of Followers. The purchase is the newest for Silbert, who appears to be positioning himself as a crypto market contrarian.
Crypto tycoons like Silbert may be buying ZEC in preparation for the project’s tokens being locked up for longer periods of time.
According to the Electric Coin Company, the project’s principal creator, users will be able to stake a percentage of their holdings into a special ZEC smart contract. This will enable users to become validators on Zcash’s blockchain.
Edge Provides Support For Zcash
Edge, the self-custody cryptocurrency wallet, has brought complete support for shielded Zcash (ZEC) to both iOS and Android. Given Edge’s strong emphasis on confidentiality in everything they do, the integration of Zcash is a natural next step – and the timing is crucial.
The Halo proving system, which eliminates trusted setup and serves as a catalyst for user confidence and scalability, will be implemented by Zcash in April. It’s one of the numerous enhancements on the roadmap that make the protocol more appealing, quicker, and less expensive to build on for others.
Edge will fully support this update (Network Upgrade 5) and is looking forward to new capabilities such as unified addresses, which ensure that all of a customer’s Zcash is saved in the most recent protected pool, independent of the sender’s address type.
Zcash To Transition to Proof-of-Stake (PoS) Algorithm
The Zcash network currently employs Equihash, a proof-of-work mining method that allows miners to compete for new blocks on the Zcash chain. Electric Coin Company(ECC) revealed in a blog post that the network would switch to a proof-of-stake (PoS) consensus method during the next three years.
In addition, ECC’s Chief Technology Officer, Nate Wilcox wrote a blog article on the PoS issue. According to ECC’s roadmap document, transition to PoS would “improve the usefulness of ZEC through features that include yield generation through staking,” according to ECC’s roadmap document. PoS can potentially bring the ZEC chain to onchain “governance mechanisms.’’
The company explained that the PoS-based ZEC chain could help reduce ZEC’s energy footprint. Recall that the PoW algorithm got a lot of backlashes last year because of its environmental impact.
This negative attention began with China banning bitcoin mining within her shores and progressed further as the year drew to a close.
ZEC Price Gains – End to Bearish Run?
At press time, ZEC is trading at $102, a significant increase of 5.68% in the last day. This price increase is even more remarkable considering the bearish nature of the broader crypto market and presents a strong signal to buy ZEC.
The digital asset is trading below the 50-day moving average exponential (EMA) support price of $129.7, depicting ZEC’s struggle to break into the bullish market after a protracted bearish streak. The token is also trading below a 50-day simple moving average (SMA) support price of $155.7 and the 100-day simple moving average support price peg set at $110.7.
Investors can buy ZEC at the current price discount for potential gains when the asset makes a price correction and breaks past the 100-day SMA support price peg.
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