Despite a 72-hour long market dip that took place on October 15th after a mass rebound that was welcomed by the majority of cryptocurrencies in the market, on October 18th, ZCash showed an unexpected bull run, which took it up the list.
After the most recent rebound against the fiat and against all odds at the time, ZEC is now taking the spot of the 20th largest digital asset by its market cap.
Which factor conditioned the unexpected rise of ZEC and what can we expect from ZCash from this point on.
ZCash’s Sudden Spike: Is Sapling Update Responsible?
Even though the majority of cryptocurrencies were seen dipping with the market trend during the last three days, ZCash bravely broke the resistance of the bearish market and took a spike up against the fiat, that way making it to the top 20 list.
Now when the currencies are adopting yet another rebound after three days of near constant and constant dipping, ZCash is continuing with rises which helps it remain on the 20th spot on the ranking list of cryptocurrencies.
On October 20th, ZEC is showing over 11% on a weekly chart, also going up by nearly 4% in the course of the last 24 hours, while its progress is obvious from hour to hour. Although ZEC is showing a drop of over -44% in the course of the last year, its latest stubborn spike might be leading the crypto towards a massive redemption.
There is a general thought that for the sudden spike of ZEC the most reliable factor that can be held responsible is the announced Sapling update, which is set to increase the overall privacy of ZCash, which is one of the most popular privacy coins alongside with the 10th largest currency, Monero (XMR).
Showing a spike of 11% in the course of a single week, ZCash also stands as the second top trading coin in the top 20 list, right after Stellar (XLM), which is currently showing over 15% of rises in the last week.
With the improved privacy that should come with the next Sapling update, the network should have improved scalability, which seems to be a number one problem of multiple cryptocurrencies, which will consequently speed up the validation process of transactions being made with ZEC.
Since the improved scalability would most definitely condition the increased demand for ZCash, due to the additionally increased privacy, the price of ZEC could rise consequently with the increasing interest in crypto.
That means that although ZEC lost -96% of its total value since making it to its all-time high of nearly 900$, could break the resistance through 130$ from its current price of 122$, aiming for a massive spike in order to get closer to its previous record price in case it continues at the current pace of growth.
The activation of the next Sapling update that should take place in November of 2018 could provide an additional price boost to the value of ZCash.