In 2016, Zcash (ZEC) launched on the cryptocurrency market as a privacy coin founded by Zooko Wilcox-O’Hearn, who is also the CEO of the for-profit Electric Coin Company which leads Zcash development. Zcash is based on the Zerocoin privacy protocol proposed by John Hopkins University in 2013 and created by Matthew Green. ZEC is the native cryptocurrency of the Zcash network and it allows private transactions. This is in contrast to Bitcoin which grants anonymity but not complete privacy as all transactions and addresses on the ledger are available to the public.
With the use of a privacy protocol known as zero-knowledge, Zcash grants privacy to the user and hides information related to transactions and addresses on a public blockchain. This allows individuals, companies, and other users to control their information relating to transactions and choose to whom they want to disclose this sensitive data. Zcash is classified as a privacy coin, and its value is determined through its utility and a number of specific factors that influence its market price. What are these factors and how is ZEC price affected?
If you’ve ever wondered this, then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of the intricacies of Zcash price – and the factors that influence it.
Zcash Price History
The price of Zcash (ZEC) started at an unusually high value, which was also its all-time high. This probably tells us something about how sentiment and utility can affect the price of ZEC and other cryptocurrencies. The highest price ever recorded for Zcash was in October 2016, shortly after it launched, at the value of $3,191. Zcash is subject to sudden and even radical price changes just like the rest of the market due to the high levels of volatility.
The positive momentum and the high price that Zcash showcased at its inception didn’t last for long as ZEC price soon suffered major losses in November 2016 when it plummeted to $53, which was ZEC’s lowest price at the time. Declines then continued for Zcash price, dipping to new lows of $33 in December.
The year 2017 started with bearish momentum for Zcash, and the crypto traded at new lows of $23 in February. Zcash price went through a rebound in March, gaining over 67% on its value and climbing to $90 with attempts to break the resistance at $100. In April 2017, ZEC price reached $100 and traded above this value at around $108. May brought surges in trading volumes and in value, so ZEC price reached $315 with 127% of gains. Surging continued in June to touch a new high for the year at the value of $445. Just like with other cryptos in the market, once the positive momentum is exhausted, market cycles change and ZEC price then has entered a bearish phase once again. Zcash recorded losses in July, trading below $200, but once again rebounded in August when its price reached $300. September was a bit turbulent with frequent changes in trends, but Zcash price still managed to reach $400. The year ended particularly well for ZEC traders and Zcash price reached a new high for the year at the value of $734 in December.
Zcash price for January 2018 recorded major fluctuations between $400 and $795, followed by a $383 to $507 price range for ZEC in February. In March 2018, Zcash price recorded over 50% of losses while trading volumes increased to 2.02 million from 1.45 million in February. In April, ZEC price surged by 53%, while the dips prevailed in May and June, pulling the price down to $173. July brought new surges for Zcash price, so ZEC traded in the range of $171 to $248. August recorded losses of 28% for Zcash before it went on to reach its lowest value for the year at $48 in December 2018.
January 2019 started with more dips for Zcash price, trading at lows of below $50. However, the positive momentum from February to June led to more gains for ZEC price and a new high for the year at the value of $124 in June. July recorded new losses and ZEC price dipped to $63, while August and September recorded even more declines and lows of $33. November showed slightly positive price corrections. However, throughout November and December, Zcash dipped to new lows at $25 and $26.
In 2020, Zcash price experienced substantial increases, reaching the value of $66 in January, followed by declines in February and March when the lowest price for Zcash was $17. This was the lowest price that ZEC had recorded since its launch. Turbulence prevailed, but in favor of ZEC price, during April and May when Zcash traded at over $55. In July of the same year, Zcash value surged to $75, and during August and September, the price recorded both more highs and more lows at $102 and $50. The year ended with more dips that pulled ZEC price to $47.
After a turbulent year and dynamic price corrections, 2021 started with gains for ZEC price, rising as high as $120 in January. Then positive momentum continued in February, so Zcash value increased to $189 before falling again in March when the lowest price for ZEC was $110. April saw bullish momentum in the market, so Zcash value broke the resistance levels of $200 and reached a new high price for the year at $205.
Analyzing Zcash’s Price History
Zcash’s price history can be analyzed with the same techniques and strategies used to analyze assets in the stock market. As with all cryptocurrencies in the market, Zcash is subject to frequent changes where major spikes in price are accompanied by large trading volumes and increased buy and sell activity. The balance between buying and selling Zcash determines its market price.
Technical analysis is one of the main strategies used by traders and investors to predict the future price of Zcash and other cryptos by making sense of previous price movements through examining price history and price charts. Traders and investors commonly use technical analysis in combination with sentiment and fundamental analysis to forecast the future movement of Zcash price.
Fundamental analysis examines the activities of the dev team behind a crypto project like Zcash. It additionally takes into account other factors that may determine ZEC’s value, such as updates and upgrades, utility, and technical capabilities like scaling and near-instant transactions with near-zero fees. Fundamental analysis also considers news, regulations, adoption, and partnerships, as well as all the important events related to Zcash which may ultimately affect ZEC price.
Sentiment analysis weighs opinion and uses opinion data to determine the general sentiment in the crypto market and other financial markets. Sentiment analysis can categorize how investors and traders feel about ZEC as neutral, negative or positive.
Zcash also follows major trends known as boom-and-bust cycles, where a period of hype leading to peaking prices is commonly followed by dips and negative sentiment. Zcash price often fluctuates due to the high levels of volatility in the cryptocurrency market.
Factors Influencing the Price of Zcash (ZEC)
A multitude of factors can influence the price of Zcash (ZEC). One of those factors is a limited supply. Zcash is based on the codebase of Bitcoin, which means that the two cryptocurrencies and blockchains have some technical similarities. Aside from a major difference in privacy features, Zcash and Bitcoin have the same limited supply of 21 million coins. After the max supply is exhausted and all tokens are in circulation, no new ZEC coins will be minted.
The fact that the number of ZEC coins is limited prevents inflation through an automated mechanism much like Bitcoin. It also means that an increase in demand would drive up ZEC price. A major reason for Zcash demand is its utility and privacy, which may explain why ZEC’s starting price in 2016 was unusually high. Having privacy in an already anonymous environment is a handy feature that protects users’ transaction and address details on a public blockchain – all while maintaining decentralization through the zero-knowledge protocol.
Zcash price is also influenced by high volatility levels in the cryptocurrency market that may generate extremely bearish or radically bullish market cycles. This means that Zcash can experience sudden spikes and dips within a short timeframe.
Live Zcash Value and Market Cap
The live price of Zcash is in constant flux and dictated by the balance between buying and selling activity across various exchanges. Due to Zcash’s volatility and the general volatility levels of the crypto market, Zcash price can experience both rapid surges and radical dips, at times leading to unpredictable trend reversals.
The market cap of Zcash is calculated by multiplying the number of ZEC in circulation by the current price of Zcash in the market.
The current price of Zcash is EUR. It has changed by EUR in the last 24 hours and ZEC has a 24-hour trading volume of EUR. Zcash current Kriptomat ranking is , with a market cap of EUR. It has a circulating supply of . Max supply is ZEC.
Zcash Price FAQ
What was Zcash’s lowest price?
Zcash recorded an all-time low (ATL) in March 2020 when ZEC price was $17.
What was Zcash’s highest price?
Zcash recorded an all-time high (ATH) in October 2016 when ZEC price was $3,191.
What is the real value of Zcash?
The value of Zcash is expressed by ZEC market price and is determined and defined by a multitude of specific factors that affect market trends and prices. The intrinsic value of ZEC lies in its technology and utility as Zcash allows users to hide sensitive information on a public blockchain.
The price of Zcash has been through some major changes, from hitting an all-time high above $3,000 shortly after its launch to dipping below $20 in 2020. Throughout its history, ZEC has often seen sudden and radical price changes due to its high levels of volatility.
A number of other factors also influence the price of Zcash, including its limited supply, demand for its privacy features, and market trends. Its current price is decided by the balance of buyers and sellers in the market and constantly changes.
If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Zcash and cryptocurrencies!