The month of May has seen a rise in the price of an unexpected cryptocurrency–the ZCash. When other leading cryptocurrencies such as Bitcoin and Bitcoin Cash have seen a certain percentage of decline, ZCash has shown a steady rise in its value. Zcash (ZEC) has not only stood its ground but even managed to grow by shocking 50% in value. Zcash also managed to pave its way to the top cryptocurrencies list by attaining the 22nd position among other competing crypto assets.
Zcash price picked up the pace by rising to $364 from $247 after May 15. This was the time when Gemini Exchange announced that it will list ZCash fortrading. Gemini Trust Co. which was founded by the Winklevoss twins, declared support for exchanging the privacy-focused cryptocurrency- Zcash. Prominently, daily exchange amount has jumped by 285 % on a weekly basis, so the path looks viable for ZCash now.
The Gemini Exchange’s president is backing this cryptocurrency that is seeing a meteoric rise. “We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash,” he said.
NYDFS (New York Department of Financial Services) also assented Gemini Exchange for prospective future offerings of more cryptocurrencies like – Litecoin and Bitcoin Cash.
( coindesk, published on TradingView.com)
(Chart representing the rise in price of Zcash from 15th May onwards)
Weekly performance: +49.95 percent
All-time high: $953
Closing price on May 11: $238.83
Current market price: $358.12
Rank as per market capitalization: 20
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