Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Altcoin

Zcash Just Surged 12% as Bitcoin Stagnates: Here’s Why

NewsBTC by NewsBTC
August 6, 2020
in Altcoin, crypto, Technical, ZCash, zecbtc, zecusd
0
0
SHARES
2
VIEWS

One of the best-performing crypto assets of the past 24 hours has been Zcash (ZEC). According to data from Trading View, the cryptocurrency has gained 12% over the past day’s trading session, outperforming Bitcoin’s 4% gains and Ethereum’s 2.5% gains.

Analysts expect the altcoin, which was one of the worst performers throughout the 2018 bear market, to soon rally even higher. They cite both technical and fundamental reasons for this optimism.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, ETH’s DeFi Space Still in Vogue

Zcash Could Soon Rally Even Higher Than It Already Has: Analysts Say

ZCash could press even higher in the days ahead, says a multitude of crypto analysts.

One trader shared the chart below on August 5th, noting that ZCash’s recent price action has brought it above a pivotal resistance level. This clears it for a 30% move to the “next strong resistance” at $125.

Image

Chart of ZEC's recent price action against the U.S. dollar (USDT, to be exact) by trader Satoshi Flipper. Chart from TradingView.com

Another market commentator echoed the optimism, targeting the resistance at $116 rather than that at $125:

“I’m not in this trade but super happy for all the homies that are! Congrats are killing this: – Every resistance has been barreling through – I could see a slight pull back to support before another leg up to $116. Magnet Activated.”

ZEC’s Impending Halving

Underscoring these positive technicals for ZEC is the cryptocurrency’s upcoming block reward halving. At its core, Zcash is a fork of the Bitcoin protocol with added privacy features; although the codebases of the projects have mostly diverged, both cryptocurrencies have a 21 million coin supply cap and block reward halvings every four years.

ZCash’s next halving is taking place in November, with estimates placing the date of the event on November 19th.

Avi Felman, a trader at BlockTower Capital, sees this fundamental event as a potential catalyst for the altcoin to move higher.  On August 5th, he commented in response to the asset’s bullish price action:

“The halving in November this year meaningfully reduces supply on market. ZEC is one of the most inflationary coins on the market, and so IMO the argument for the halving leading to a more bullish ZEC is stronger than the argument for the BTC halving leading to a bullish BTC. Disclosure: we are long ZEC.”

The halving in November this year meaningfully reduces supply on market. ZEC is one of the most inflationary coins on the market, and so IMO the argument for the halving leading to a more bullish ZEC is stronger than the argument for the BTC halving leading to a bullish BTC. https://t.co/w2XQjDqMYG

— Avi IS RIGHT (@AviFelman) August 5, 2020

From a pure numbers standpoint, this sentiment makes sense: because ZEC is earlier along in its emission curve than Bitcoin, each of ZEC’s halving should have a larger effect than each of Bitcoin’s halvings.

Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets
Featured Image from Shutterstock
Price tags: zecusd, zecbtc
Charts from TradingView.com
Zcash Just Surged 12% as Bitcoin Stagnates: Here's Why
0
0

Related posts:

No related posts.

Previous Post

Tezos (XTZ) is Printing a Massive Bull Flag as Analysts Eye Move to $4.00

Next Post

Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

NewsBTC

NewsBTC

Next Post
Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In