Zcash (ZEC) Up 16% For Week as Sapling Hardfork Approaches
Privacy coin Zcash (ZEC) gained 16% on its value from Monday through to Saturday as anticipation builds regarding the upcoming Sapling update.
The update, which will require a hardfork, aims to make improvements to shielded addresses, including reducing the time it takes to create them and the amount of memory used when doing so.
October proved to be a productive month for Zcash, with the coin recently being added to the Bitnovo platform, which will see ZEC become available for purchase in over 20,000 physical stores throughout Spain and Italy.
In the calendar week leading up to Saturday, Oct 20th, ZEC climbed just over 16% against the dollar, on its way from a valuation of $107.54 up to Saturday afternoon’s peak of $1124.96.
Trade volumes grew steadily in that time, without much violent fluctuation. Instead, overall trade movement rose quietly from $57 million to $83 million, suggesting a more ‘natural’ progression than many spikes of late.
Saturday’s peak marked a weekly high for ZEC, and stands higher than the valuation with which the coin opened the month. With that said, the monthly high of $145 which landed towards the end of September is still some way off.
The Zcash twitter team have been building up the anticipation all week in the lead up to the Sapling update, and have earmarked October 28th for the initiation date – as per the Saturday’s tweet:
“Activation block 419200 will be mined October 28, 2018 18:21 UTC-05:00 assuming 150 seconds/block.”
The update is expected to improve the ZEC blockchain’s handling of shielded addresses. According to a recent blog post:
“Sapling is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses.”
More details on the update can be read here.
Zcash Gets Bitnovo Integration
The other big piece of news to come out of the Zcash camp this week is the Bitnovo integration. Bitnovo facilitates in the buying and selling of prepaid cryptocurrency vouchers, which can be filled with a choice of various currencies. According to this week’s tweet:
“You can now purchase $ZEC #Zcash at over 20.000 stores in Spain and Italy with @bitnovo with full privacy and straight to your favorite wallet!”
The firm also deal in refillable cryptocurrency credit cards which users can use in physical stores, while offering up crypto ATM’s to store owners and businesses.
How much the Bitnovo deal will boost Zcash’s numbers remains to be seen, but having the ZEC ticker plastered across products in mainstream stores is sure to increase its recognition.
Besides that, Zcash remains one of the as of yet unlisted coins among the five which Coinbase singled out earlier this year. Basic Attention Token recently pumped on the Coinbase anticipation, and ZEC’s turn may also be coming before long.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.