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How Bithumb Listing is Boosting Zcash Cryptocurrency on the Coin Market

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Zcash, previously referred to as ‘ZeroCoin’ or ‘Zerocash’, recently got listed on Bithumb as the ninth coin. The move has attracted attention to this private digital currency that came into existence in October, 2016.

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Prior to its listing on Bithumb, Zcash traded on a virtual asset exchange called Poloniex in the United States. Zcash value and technology were subjected to a thorough review before gaining entry to the South Korea market via Bithumb, the biggest exchange for digital currencies in the country.

Competing Closely

Though Zcash displayed signs of slow growth early this year, it recovered strongly in June with its price hitting the $435 mark, up from $26. There is no doubt that this digital coin is now competing closely with other bigger digital currencies in the cryptocurrency space. It is currently trading between $217 and $304.

Natalia Karayaneva, CEO at Propy says, “Such dramatic price changes of cryptocurrencies can be explained with speculation, especially after such announcement. However, what brings such increase in the long-term is usually the product advancement. In the case of Zcash, The Zcash team has made great strides on performance since their initial release. In the pending Sapling network upgrade, users will see significant performance improvements. This could mean a potential increase in the demand.”

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The stabilizing price of Zcash indicates its competitiveness. It  also shows that the coin does not differ too much with other high ranking cryptocurrencies like Ripple, Dash and Ethereum. Currently, there are 2.31 million Zcash coins in circulation.

Secure and Private

Drawing inspiration from the Bitcoin, Zcash boosts privacy through its cryptographic tool, zkSNARKS, an element that is not provided for in Bitcoin.

This outstanding security and technology underlying Zcash coin captivated the coin market. It has led to a surge in the coin’s market capitalization which is now at $648.5 million, up from $1.3 million at the time of listing on Bithumb.

On the coin market, Zcash improved in ranking now at  the 15th position, from position 30 in December 2016. The coin has been experiencing steady growth with its every day exchange volumes between $26 million and $43 million.

However, Angel Versetti of Ambrosus notes that, “Fluctuations like this make one jealous of cryptocurrency exchange owners, because no matter which way it goes as long as there is volatility and massive trading riding the wave, the house always wins.”

Traders find the coin’s untraceability compelling with its encryption serving to conceal user identity, protect privacy and conceal transaction amounts. Zchash’s protective anonymity has seen its value attract recognition in US’s Silicon Valley as well as globally in countries such as China, Argentina, Venezuela, Brazil and South Africa.

However, it is important to note that with Zcash, users are not be able to conduct audits on the blockchain. According to Kamil Przeorski, CEO and founder of Experty.io, this poses a risk for Zcash holders particularly if a bug hits the codebase.

Featured image courtesy of Shutterstock.

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Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

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Cryptocurrencies

Trade Recommendation: Zcash

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The market is in the uptrend and we have to search for buy opportunities. MACD and DMI support upward movement and we can trade based on a breakout signal above 300.00 resistance level. If the price can break this resistance, we’ll get an additional signal confirming the upward movement. Entry level is 302.00 with stop orders at 283.80 level. Profit targets are 320.00 and 350.00 levels. This is a short term trade, but the part of trade volume can be left for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: ZECUSD
Buy: 302.00
Stop: 283.80
Profit Targets: 320.00 and 350.00

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The trading signal is based on the Poloniex chart.

Disclaimer: The analyst is invested in Zcash.

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Trade Recommendation: Bitcoin

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The trading idea is based on a breakout signal above the downtrend line and the local swing high. If the price moves above 7800.00 level, it will be a signal that the market is going to continue the uptrend. In order to catch this price movement, pending orders for buy should be placed at the 7810.00 level with stop orders at 7380.00 . Profit targets are 8200.00 and 8500.00 levels. If the market bounces from the downtrend line and moves lower, we’ll have to use a new swing high for placing buy orders. And it will be a new trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: BTCUSD
Buy: 7810.00
Stop: 7380.00
Profit Targets: 8200.00 and 8500.00

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The trading signal is based on Poloniex chart.

Disclaimer: The analyst is invested in Bitcoin.

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