Zcash Price Up by 7.74% – Time to Buy ZEC Coin?

• Electric coin company releases version 4.6.0-1 of Zcash nodes, a great motivator for investors to buy ZEC
• Crypto market is making a comeback with a 0.63% increase over the last day
• Electric coin company updates timeline for NU5 and Halo Arc

ZEC, the utility token of the Electric Coin Company, is moving in the right direction on the charts, providing investors with the needed confidence boost to buy ZEC. The crypto asset moves alongside the entire crypto market as price corrections are made, and new resistance and support prices are set.

ZEC is in line with the 0.63% increase of the global crypto market cap value, currently at $1.97 trillion in the last 24 hours. The crypto asset has been up by 7.74% in the last 24 hours and is trading at $146.

Zcash is a proof-of-work protocol built on the Binance Smart Chain. The blockchain protocol’s main advantage lies in its optional anonymity, unattainable with other blockchains such as Bitcoin and Ethereum.

Bitcoin and Ethereum are more pseudonymous than anonymous, meaning they do not explicitly reveal user identities. Each user has a public address that can be traced using data science and blockchain forensics.

Zcash utilises zero-knowledge proof technology, allowing nodes or computers to verify transactions without revealing any sensitive information about them.

The crypto asset hit new highs of $280 in late December of 2021 and is making more effort to upscale and surpass the current price valuation.

This effort and potential are due to fundamental improvements to the asset’s blockchain, making it more accessible and efficient to accommodate new investors.

NU5 and Halo Arc Timeline Update

The NU5 upgrade is arguably the largest upgrade to the Zcash protocol and is focused on making significant improvements to the blockchain.

Some of these improvements include Unified addresses and the first deployment of Halo on the Zcash network. The timeline adjustment is necessary for allocating additional time for the development and efficiency of the network.

Some of the most crucial things to address during the extended timeline are the soundness of the Halo 2 construction, which is the first full proof of a PLONK-based protocol.

An additional internal security audit and thorough review of the Orchard circuit is essential for the further scrutiny of the circuit code and ZIP implementations for NU5.

The new activation target set to commence on April 18, 2022, will correspond with the Halo arc product suite release, including an NU5-compatible Zcashd, an updated Electric Coin Company (ECC), updated mobile wallet SDKs and features that will enable Zcash to be Shielded by Default.

Node version 4.6.0-1 Release

The new version 4.6.0-1 for the Zcashd node is available for mainnet and testnet nodes and focuses on fixing the Zcash protocol regression.

The upgrade aims to add support for the NU5 consensus rules in v4.5.0. The v4.6.0-1 comes with full NU5 support to getblocktemplate outputs and restores previous semantics, which contains default values when placed into block headers on legacy fields.

Zcash Technical Analysis

ZEC is making headway in the crypto market as current price actions indicate a build-up in momentum towards a higher price peg.

The asset is trading below the 23.6% Fibonacci retracement value of $247.2. As ZEC trades below the 61.8% Fibonacci retracement value of $173.8, investors looking to rake in huge profits should buy ZEC as the crypto asset shows good growth potential.

The Electric Coin Company utility token is trading below the 100-hourly Simple Moving Average (SMA) value of $166.7.

The 50-day Moving Average Exponential (EMA) value of Zcash is pegged at $162.1, indicating that this is an opportune moment to buy ZEC.

Buy ZEC at eToro from just $50 Now!