Jakarta, Pintu News – Zcash, a privacy-focused cryptocurrency, is on the decline after several weeks of significant gains. In January 2018, Zcash reached a high of $744. However, after a consistent rise since September from around $50, the currency is now on the decline. At its highest point, Zcash’s market capitalization was over $10 billion, and it is now ranked 17th with a market value of approximately $8.11 billion.
Zcash started attracting attention in September with a price of around $50 and continued to rise for several weeks. This rise was driven by improvements in privacy infrastructure and technical updates from Electric Coin Company, as well as the growing popularity of the Zashi wallet. At its peak, Zcash made it into the top 20 cryptocurrencies with the highest market capitalization.
However, Zcash has now declined by 17.66% in the last 24 hours, with a current price of $498. On Tuesday, the currency even dropped by 25%. Analysts suggest that Zcash’s meteoric rise may be winding down, with three of the last four days showing a decline.
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Zcash’s decline coincided with a decline in the privacy sector, where several related tokens also suffered significant losses. Tokens such as Monero (XMR), Dash (DASH), Decred (DCR), Zksync (ZKSYNC), and Pirate Chain (ARRR) also saw declines, with some recording double-digit losses.
Monero, which joined the privacy token price increase later than the others, only dropped 5%. Arthur Hayes, former CEO of BitMEX, gave a rather extreme view of the future of Zcash’s price, stating that it could reach $10,000 or drop dramatically to $10.
Meanwhile, Thor Torrens, former US counsel and member of the Zcash advisory panel, responded emphatically that Zcash is not a currency to be traded, but rather bought and held.
The crypto market is very dynamic and full of uncertainty. Although Zcash is experiencing a decline at the moment, many are still questioning whether this is just a temporary pause in the upward trend or the beginning of a further decline. The decision to buy or sell Zcash is becoming a serious question among investors, especially with widely varying price predictions from experts.
With the ever-evolving privacy infrastructure and updates from Electric Coin Company, there is still potential for recovery and future price increases for Zcash. However, investors need to be vigilant and consider the risks involved.
In the tumultuous world of crypto, Zcash offers a lesson on volatility and the long-term potential of privacy technology. Despite the challenges, Zcash remains a topic of interest for investors seeking privacy in their digital transactions.
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