The recent high of Zcash is $386 after a positive sentiment surrounded the digital currency after its listing on Gemini – according to coinmarketcap.com. Nevertheless, the momentum didn’t last long and the value of the coin dropped to the recent low $221 on the 28th of May.
The last time the digital currency touched the $500 mark was on the 10th of February when it rose to the high of $511. Since then, the digital currency has been finding it difficult to get to that level. For the Zcash community, it is perhaps time for the digital currency to get to that level this year.
Factors That Can Push the Value of Zcash towards $500
One of the factors that can push the value of the digital currency is increased adoption. If the present trend is being accepted by merchants and vendors continues, then it could be crucial. However, this digital currency will possibly depend on the occasions surrounding major digital currencies, especially BTC.
If the value of Bitcoin skyrockets and doubles at the forecasted amount of $20,000, then the value of Zcash could be pushed towards the $500 mark. This means that the general performance of the market will directly affect the performance of the digital currency.
Fungibility and Privacy Makes Zcash a Top Choice
Zcash is one of the most popular privacy oriented digital currencies at the moment. It has attracted reviews from a lot of fields. The zk-SNARKS has been recommended even as development continues. The platform of Zcash does not only block users on the dark web, it can also be used in several legitimate ways, including following AML regulations.
Another great feature of the coin is fungibility, this means the digital currency can be used as a store of value. Participants can use and hold the digital currency without the fear of their fund being tagged as “dirt.”