Zcash Price Climbs 9.5% With Sapling-Ready 2.0 Update Rollout

One of the highest ranked privacy coins by market capitalization, Zcash (ZEC) underwent a swift 9.5% leap overnight, with the peak coming in the early hours of Saturday morning before an obligatory cool-down.

Online chatter is heating up around Zcash in the lead up to the Sapling update – an event now two years in the making. The Zcash 2.0 update which was released on August 16th is being implemented in anticipation of the Sapling rollout, which will add another layer of privacy to Zcash in the form of shielded, private addresses.

Zcash Price Jumps 9.5% Overnight

At 17:00 UTC yesterday ZEC coins had reached a daily low of $130.63 which ultimately acted as the impetus for a reversal which saw a +24% trade influx within the space of twelve hours.

The peak price for ZEC was achieved in just ten hours, as the surge in trades carried the coin to a valuation of $143.11. That’s not an overly significant number, and has acted as a high barrier for ZEC throughout the last seven days, which the coin price breaching the $140 mark three times.

It’s been a hectic week all round, however, and ZEC hasn’t managed to build upon those growth spurts. Likewise today, where the coin has returned to the $139 – $140 range, as volumes start to depart after building up overnight.

The cool-down coincides with the closure of far-east trading for the night, and indeed the majority of ZEC’s trade movements in the last day have come from the LBank exchange, based and operated in China.

Over 46% of ZEC’s trades have come in the form of ZEC/ETH on LBank, eclipsing the number of BTC trades in one fell swoop. ZEC/BTC trades come some way behind, making up 8%, 6% and 4% of the daily total on BCEX, LBank and YoBit respectively.

Sapling-Ready 2.0 Update

Zcash will be getting another layer of privacy added to its arsenal in the form of shielded addresses for its anonymous users. Many had fingered the existence transparent addresses as a possible weak point in Zcash’s privacy claims, and the team now appear to be making moves to address it.

The update released on August 16th merely readies the platform for the Sapling update, which will take full effect towards the end of October, as stated in the release notes:

“This release is consensus-compatible with the Sapling network upgrade, and so we’re encouraging all users and miners to upgrade as soon as possible. The first block of Sapling will be block 419200, which is expected to be mined on the 28th of October 2018, the second anniversary of Zcash’s official launch.”

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.