Zcash Price Prediction
What is Zcash?
Zcash is a privacy-oriented and decentralized digital currency introduced in 2016 by a team of experienced cryptographers. The native currency of the network is called ZEC. The ZEC crypto is a fork of Bitcoin and one of the oldest privacy coins in existence today. And just like Bitcoin, Zcash also uses the Proof-of-Work consensus algorithm. With Zcash, users can have full control of their transactions with a feature known as shielded Zcash transactions. This option allows users to decide the type of data they want to share. 4 main features affect the Zcash value and make it an excellent privacy coin.
- It is fast, inexpensive, and reliable. ZEC is listed on many exchanges, with ZEC – BTC being the most popular trading pair.
- Zcash is compatible with global AML standards. Private data can be shown to auditors to comply with regulatory frameworks.
- It is hacking-resistant because there is no centralized data that can be exploited.
- Zcash provides confidential transactions and protected addresses. Both the receivers and senders remain unknown, as well as the amounts that are being sent.
What Does the ZEC Price Depend On?
All cryptocurrencies are volatile and difficult to predict. Many factors can influence the price. First and foremost, there is supply and demand that influence Zcash’s current value. In October 2020, the blockchain is supposed to undergo a halving. The block rewards are expected to be lowered to 6.25 ZEC per block. The lower daily supply and increased demand should positively affect the Zcash price. New partnerships are important to move the price in the right direction. 1 ZEC currently costs $39.30 according toCoinMarketCap. With new partners comes the opportunity to reach a larger userbase, new services, and bigger media attention. Availability on established exchanges will do a lot for Zcash’s future value. When it was announced that US investors will be able to buy Zcash on Coinbase, the coin experienced a rapid price hike of 40%. The right announcement at a strategically important time produces significant results.
Zcash Price Prediction 2020
Looking at the Zcash cryptocurrency price chart for the first couple of months of 2020, we notice that there has been a lot of movement in both ways. ZEC began 2020 at $27 per unit. Throughout January and until mid-February, Zcash was strongly pacing upwards. On the 12th of February, the coin rose above $74, which signifies a percentage gain of 174%.
The worldwide uncertainties on the financial markets then brought a change in direction. A gradual decline is visible in the weeks that followed. Zcash reached its low point on 13 March just below $19. We are now witnessing a recovery and progressive activity in the right direction. Trading experts agree that the coins’ development and focus on privacy will result in an increase in demand and higher value in 2020. In terms of transparency, Zcash is leading the way and recent protocol changes have made it more suitable for mobile applications. Forecasters fromTradingBeasts expect a nice and steady growth as the year goes on. Their Zcash prediction hints at a maximum price of just above $50 in December 2020. The yearly bottom is expected in May at $23.31. A professional analyst from TradingView is equally bullish on Zcash. He believes that the perfect buy opportunity is right now before the price goes above $44. He sees a potential for an 85% profit with sell targets between $51 and $67.50.
CoinSwitch experts speculate that if the Zcash Foundation were to change its mining algorithm to incorporate multiple mining protocols, we could observe incredible gains. They believe that $200 for Zcash could, in that case, become a reality.
Zcash Price Prediction Long-term
The long-term price predictions for ZEC look very reasonable.TradingBeasts investors anticipate notable growth between 2021 and 2023. During 2021 they suggest that the value of this privacy coin will steadily grow from $53 to a yearly high of $72. These continuous movements are expected for 2022 and 2023 as well. In December 2022, Zcash is expected to reach the $90 mark. 2023 is the year when they predict that ZEC will break through the $100 barrier. This is expected to happen in the last quarter. Top predictors fromCrypto-Rating.com see Zcash as a good long-term investment for the next 3-5 years. They are not as openhanded as TradingBeasts, but still very bullish. To investors asking themselves, should I invest in Zcash? Price prediction algorithms show that you definitely should. With imminent big institutional investments into cryptocurrencies that deliver value and trust, Zcash should have a balanced demand. Crypto-Rating.com sees the ZEC price at $53 in 2023, $58 in 2024, and $64 in 2025.
Where to Buy ZEC?
ZEC has been listed on many different cryptocurrency exchanges. The biggest daily trading volume comes fromBitForex with the ZEC/ETH trading pair. On top of the list, we can also find MXC with its ZEC/USDT exchange pair, followed by BKEX (ZEC/USDT andZEC/BTC). Crypto investors can also buy Zcash on familiar exchanges, such as Huobi, DigiFinex, Binance, CoinBene, and_HitBTC_. ChangeNOW offers an instant crypto exchange service where users can buy ZEC for as little as $2. No maximum limits are set. The service is beginner-friendly and easy to use. To use the service, select the desired trading pair. As an example, I will exchange BTC for ZEC. Click on the “_Exchange_” button and enter your ZEC address in the “_Recipient Wallet_” field. Confirm that the entered information is correct and deposit your Bitcoin at the specified address. When your deposit gets confirmed, ChangeNow will send the coins to the ZEC address you wanted.
Zcash is a useful coin whose privacy features are a welcome addition to the digital assets’ community. The development team has created partnerships with influential parties in the crypto industry. The Winklevoss twins are big investors and believers in Zcash. The team has also partnered with Ethereum and JPMorgan. Zcash has positioned itself well and with time they will gain the trust of crypto enthusiasts. Disclaimer: This article reflects its author’s opinion only and is not financial advice. We take no responsibility for the results of any trader’s decision or action. To learn more about ZEC please visit the following Zcash review in our blog.