Bitcoin can approximate annual summits but upon arriving Zcash stole the show this week, creating a strong dynamic, even before launch.
Digital currency with the use of zero knowledge proofs are called crypto-currency users with new levels of privacy, gave his first chain blocks and chips (zero coins) on October 28.
In anticipation of the launch, term grass Zcash saw robust trading. The pair traded Bitcoin before the zero output of coins, rose from a low of 0.027 BTC ($ 18.50) on September 15 at 0.78 BTC ($ 535) on October 28. However, this figure increased by nearly 1,200% 10 BTC ($ 6,864) on launch day.
However this was not the end of history ,. With a unique release schedule, speculation has skyrocketed often invisible even in the area of the volatile cryptocurrency.
Zcash reached the most impressive peaks exchange digital currencies Poloniex, with the price of 1 ZEC reaching about BTC 3300 (or over $ 2 million), October 28. The surge has given way to lose shocks such exchanges Zcash 48 BTC later in the day.
Tim Enneking, Chairman of Currency Fund Crypto, price movements described as “crazy.”
“There is no way out of this assessment will take,” he said regarding the high prices of futures Zcash reached.
Despite all the momentum around Zcash, some market observers pointed out that more than one currency has experienced higher value before disappearing relevance.
“Like all Cryptos, Zcash will be useful to prove a big enough market for a long enough period of time to prevent death or irrelevance,” said Petar Zivkovkski, director of leveraged transactions Bitcoin trading platform Whale club.
digital currency hedge fund manager Eliosoff Jacob took a different approach, saying Zcash can be somewhat oversold.
In particular, he mentioned other communities in the chain of blocks that focus on privacy and solutions that are already in use on the market.
“Zcash seems like something deeper than Monero offer anonymity, but not really a big difference from a user or from a commercial point of view,” .
Eliosoff emphasizes users not last long as they cryptocurrency digital currencies that need to work to protect their identity and indeed necessary.
Bitcoin enjoy big profits
While Zcash this week took the part of the attention of the lion, Bitcoin has experienced dynamic profit of 9% and concerns about the continued devaluation of China’s yuan market pushed prices higher.
Bitcoin prices rose to $ 628.62 at 12:00 UTC on October 21 for $ 686.52 12:00 UTC October 28, CoinDesk USD Bitcoin Price Index figures show.
At press time, Bitcoin had also jumped, rising nearly 4% to a maximum of $ 713.
Digital currency upward price movement has caused many short squeeze “on trading platforms to leverage,” said Zivkovkski while others have suggested can reach the new momentum for a return after weeks of negotiation on the side.
Whale club data show that in the course of the week through at 12:00 UTC, the market was more than 90% long at all but one day.
The cryptocurrency would traders can take advantage of a new increase in attention away from altcoins Eliosoff said. He stressed that Bitcoin has recovered well from the hack Bitfinex and approached $ 700.
Now, “investors began taking profits on several altcoins and focus on the crypto king.”
The identity crisis Ethereum
Both Ethereum (ETH) and the classic chain block alternative Ethereum (ETC) underwent weekly losses both currencies seem clouded by uncertainty.
The former fell 6% the week to another week continues middle attacks denial-of-service attack, and it fell 4.6% in Ethereum chain classic blocks led a difficult range to arrest same problems.
“The hard fork and disorders and DDoS attacks on the network Ethereum prices are negatively affected,” said Zivkovski. “ETH and ETC through an identity crisis: what use they will be guided in the future by digital currencies?
Enneking also weighed on the future relevance of the two currencies, though it said the price declines were evident side effects more immediate technical problems.
“If Ethereum is repeatedly attacked, it does not look good in the eyes of consumers,” he joked.
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