The value of digital currency poster child Bitcoin has suffered a lot in the last couple of days as a result of the recent raid of one of the biggest digital currency exchanges in South Korea. But the entire digital currency market is not following the descent of Bitcoin. While the value of bitcoin has declined to $8,500 on the 15th of May after getting close to the $9k mark on Friday, the value of the digital currency – Zcash surged.
The Cause of the Upsurge
The increase in the value of the digital currency came after its bulls, Cameron and Tyler Winklevoss gave the digital currency a thumbs up on May 14, adding that Gemini (their bitcoin exchange) had gotten regulatory approval to start trading Zcash on its platform.
The Value and Market Cap of Zcash
The value of Zcash has increased by 47 percent to $365. Since then, there has been an addition of about $463 million to the market cap of Zcash which is now $1.5 billion. Gemini – which is the first exchange licensed to trade Zcash – plans to enable the trading of the digital currency on the 22nd of May, at 9:30 am ET.
In the press release of Gemini announcing the approval, the Winklevoss brothers laid more emphasis on Zcash and how it can exist together with Bitcoin. While bitcoin is usually termed as highly private, it still publishes where and how funds are moved around, enabling those with fundamental computer skills to track transactions.
On the other hand, Zcash was created as a private digital currency, and all its transactions are encrypted. While this digital currency might sound mature for the criminal underground, a lot of people might have legitimate reasons to hide their transactions from prying eyes. So when it comes to privacy, Zcash is more private and secure than bitcoin.