Five days ago, on the 14th of May, Zcash [ZEC] was trading at $245 to a token but with rumors of ZEC getting listed on Gemini, the exchange owned by Winklevoss twins, prices started climbing up and hit a monthly high at $385 on the 15th of May.
Zcash, at press time, was trading at $360 to a token with a market cap of $1.4 billion ranking on the 20th spot on coinmarketcap just shy away from overtaking Bytecoin which had a dream run recently after the Binance listing.
Zcash’s core philosophy is privacy and uses something called zero-knowledge cryptography because of which unlike Bitcoin and a lot of other cryptocurrencies your transactions won’t be open and historically trackable.
The deposits on the Gemini exchange started today, May 19th at 09:30 am EDT, trading as per the recent update from Eric Winer would go live on May 22nd, 09:30 am EDT. Gemini will support both the shielded and unshielded addresses.
The recent approval makes Gemini the first licensed Zcash exchange in the world. According to the latest post by London Block Exchange [LBX], they said,
“……other reputable exchanges may consider listing it in the future too.”
A look at the recent charts reveals the entire week has been bleeding red for most cryptocurrencies with Bitcoin Cash [BCH] taking a hit at -15% but the biggest hit taken by Zilliqa [ZIL] at -19% which recently got listed in an Indian cryptocurrency exchange, Unocoin.
In a recent comparison and debate on reddit on which among Monero and Zcash has a better privacy standard, a reddit user, WalterMagnum says,
“Monero doesn’t compare to ZCash in terms of privacy. Monery uses obfuscation to mask transactions. There is nothing guaranteeing that your information will remain private. At any time, someone could develop a method to obtain Monero transaction information (it has already been done once but was “fixed”.) ZCash on the other hand is provably anonymous. You can go through the proofs yourself and be rest assured that there is absolutely 0% chance that someone can develop a method to reveal transaction info. That is the beauty of mathematically provable anonymity.”
Another reddit user, acoen01 said,
“Zcash is a for-profit company with its cryptography peer reviewed by JPMorgan. Their inception past $4,000/coin clearly was incorrect and seemed very shady/panned. It seems as if Zcash’s coin structure and fee setup is created beneficial to the company’s profit agenda…”
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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