Other cryptocoins such as bitcoin cash (BCH) and EOS declined at least 14 percent, but ethereum’s ether coin has remained mostly flat. Ripple (XRP) declined by 1.96 percent.
Zcash(ZEC) is top gainer for the week
Zcash was the number one gainer among 25 top cryptocoins. Over the week, the price gained 49.95 percent. The price at the end of the week was about $358 dollars. This is still far off its all-time high of $953.
The price picked up after Gemini Trust Co. announced support for trading zcash. Daily trading volume has jumped 285 percent from last week making the rally look sustainable.
Coindesk prediction: “ZEC’s rebound from the triangle support (former resistance) has reinforced the bull case and adds credence to the ascending (bullish) 10-day moving average (MA). Further, the 50-day MA has turned bullish (sloping upwards).ZEC could find acceptance above the 200-day MA lined up at $360 next week. On the downside, only a close below the 10-day MA would abort the bullish view.”
Zcash is a cryptocoin designed to use cryptography that will provide more privacy in transactions than other coins such as bitcoin. The zcash protocol was improved to give birth to the Zerocash system which was then developed into the Zcash currency back in 2016.
The development was led by the Zerocoin Electric Coin Company often called just the Zcash Company. The founder and CEO of the company is Zooko Wilcox-Ohearn. Cryptographer Matthew Green from Johns Hopkins University was part of the founding team. An initial investor was Roger Ver.
Although zcash payments are published on a public blockchain, users are able to use an optional privacy feature that enables them to conceal the sender, recipient and and amount of transaction.
As with bitoin, zcash has a fixed total supply of 21 million units in the first four years. Twenty percent of the coins created in that period are allocated to a founder reward that is shared between investors, developers, and a non-profit foundation.