Zcash – Is it a strong contender in the market? 

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Zcash (ZEC) has had its peak five years ago in 2017 as it established its all-time high at $5,941 but it would not be fair to compare the current price movements with that of 2017. The cryptocurrency established a 52-week high at $317 during the high of the bull run of 2021 in May. ZEC tumbled downwards as the cryptocurrency was gripped by the bears. However, the token slowly began to establish an uptrend. At the time of writing, the cryptocurrency stands at a price level of $250. The price has increased by 24% during the daily time while the weekly performance shows a surge of 57%. The daily trading volume for ZEC has increased by more than 80%. 

Updates to watch out for 

The development team of Zcash has been highly active with the network flooded with new activities and partnerships. The new updates are propelling the cryptocurrency upwards. Recently, the team announced integration with Edge Wallet, which is a self-custody crypto exchange and security platform. ZEC crypto with its fully shielded support is now live on Edge Wallet’s Android wallet and support for iOS will also be announced soon. 

The Zcash Foundation has just released its second beta of a new consensus node. The second beta has implemented new rules for consensus and has fixed and upgraded a number of security issues. Electric Coin Company previously released their roadmap for ZEC and aims to contribute to Zcash’s ecosystem with the long-term aim of releasing an ECC wallet on ZEC’s protocol. 

Zcash’s strong footing in the market 

Zcash’s privacy proposition is very interesting in the crypto world. It has attracted the attention of privacy advocates and leading figured including the famed whistleblower, Edward Snowden. Snowden regards his problem with large coins like Bitcoin to be centered in the lack of privacy. According to him, the privacy-focused crypto provides the perfect solution which will further propel the blockchain technology upwards. Snowden also talked about his use of the cryptocurrency years earlier but regards ZEC to still provide the same functionality even though the market has advanced significantly – indicating the preparedness of the token for the technologically-advanced crypto world. 

Future outlook 

Zcash is one of the sought-after privacy coins. The cryptocurrency has been surrounded by a lot of hype due to the privacy offering which is why the future outlook for the token is more than bullish. According to the estimates of Digital Coin Price, the cryptocurrency is expected to end the year with a price level of $389 while the five-year projection places it at $887. 

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